Gold weekly price chart at final support levels before 1150-1180

Gold Medium Term
Long Term Trend ~ Bearish since Oct 2013 @ 1361
Long term Moving averages 1508 – 1553
Medium Term Trend ~Neutral– Gold missed the monthly close above 1290 in July to upgrade to bullish.
Medium Term Moving averages 1299–1291

All trends are in bearish mode except the medium term (still in neutral) as we near the next medium cycle turn.

The failure to close above the medium term moving averages in August warns that gold has most likely not re-entered a bull wave yet. While the downside has not been confirmed, gold has missed for the 5th month (out of six) for a chance to close above the averages on a monthly basis. We missed in March (after being 100 dollars above the averages at one point) and we missed April, May and we missed July and August. 

We have been discussing for quite a white that the long term green channel line would not take much more to give way and finally last week it did. We must now begin to question whether the low in this bear market at 1180 is going to hold.

As it stands now, gold is definitely not out of the woods yet AND WE’RE at last channel lines before 1000-1100. Support is 1180-1222 and then 1155. Resistance is 1260-1272.