Gold has moved towards 1132.00 where it declined failing to test 1136.36. A break below 1120 is required to prove the bearish prospects.

Gold declined yesterday, stabilizing below SMA20 and 50 after failure to hit 11365.35; noting that, a potential bearish crossover in under way.

ADX is still negative despite weakness in the bearish trend and thus, we will be bearish below 1136.35.

A break below 1113.65 will trigger panic sell-off actions during the day.

Support: 1120.00 – 1113.00 – 1097.00

Resistance: 1130.35 – 1136.00 – 1147.00

Direction: Bearish

Posted By: ICN.COMon: September 04, 2015In: Technical Analysis

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