Gold has moved within a tight range below 1113.00 and that keeps the bearishness valid. A break below 1100.00 psychological and 1097.00 will accelerate.

Gold has been influenced by the resistance of 1113.00, which held, while ADX shows the strength of the bearish trend alongside RSI14.

Moving averages are also negative, as SMA20 attempts to breach 50% Fibonacci; thus, we hold onto our bearish anticipations, targeting 1097.00 followed by 1087.00.

Conversely, breaching 1123.00 will give us a rational reason for concern.

Support: 1100.00 – 1096.00 – 1087.00

Resistance: 1113.00 – 1120.00 – 1125.00

Direction: Bearish

Posted By: ICN.COMon: September 11, 2015In: Technical Analysis

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