Steve Miley, MSTA
MarketChartist
Gold future bearish theme reinforced
A low level digestion for much of Wednesday, capped by modest resistance at 1242/43, but the latter session and this morning break lower maintains bear pressures.
The push through the chart prop at 1220 to approach 1215 reinforces the prior break of the June swing low at 1242 and probe below 1229, 78.6% retrace of the Q1 2014 rally to favour a further downside threat this week.
The risk for latter September is now through 1200 to the 1183.8 cycle low posted at the end of 2013.
Overshoot threat is to key longer term levels at 1179.4 and 1155.6/54.5.
WHAT CHANGES THIS?
- Above 1259 eases bear risks; through 1279 signals a neutral tone, only shifting positive above 1300.
Daily Gold Future Chart
Monthly Gold Future Chart
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