Gold declined after failure to hit 1134.00-1136.00 zones along with negative signals.

Therefore, we will change our outlook from neutral into bearish, aiming to challenge 1125.00 and 1120.00 respectively.

Gold attempts to incline after moving above moving averages and stability remains above 1125.00 where 38.2% Fibonacci exists.

A break above 1134.00 will be a bullish sign; therefore, we will be neutral until the metal proves clearing this level and we will wait for a reliable signal.

Support: 1134.00 – 1125.00 – 1120.00

Resistance: 1142.00 – 1150.00 – 1154.00

Direction: Sideways

Posted By: ICN.COMon: September 22, 2015In: Technical Analysis

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