Second Update:

Gold declined below 1065.00, which is a negative signal; thus, we hold onto bearish scenario that targets 1051.00-1050.00, while a break below this level will extend the wave. New ceiling now is 1074.00.

Gold trades below 1065.00, which is a very negative catalyst and would trigger extension for the bearish wave.

More bearishness to be seen as far as the minor resistance of 1074.00 holds. A break below 1060.00 would send the metal towards 1051.00 and 1050.

Gold shows bearish actions below the support of the sideways range, stabilizing below moving averages 20 and 50. However, 1065.00 holds and that makes risk versus reward ratio inappropriate.

RSI is moving slowly downwards, while ADX shows weakness; thus, we are bearish but we can’t recommend any position due to the inappropriate risk versus reward ratio.

Support: : 1065.00 – 1060.00 – 1050.00

Resistance: 1075.00 – 1081.00 – 1090.00

Direction: Bearish, but we will stand aside.

• Gold Pressured By Bearish Outside Markets   (2016-11-01 03:50:56)
• Trend Down Under at 1360.00 and 1347.00 1332.00 targets 1370.00 as long as they do not violate   (2016-07-12 17:27:51)
• Direction: neutral   (2016-07-01 16:54:07)
• Direction: neutral   (2016-06-30 15:17:32)
• Direction: Bullish above 1303.00, targeting 1365.00 and 1400.00 as long as the price trading above 1290.00   (2016-06-30 05:32:18)
• Direction: Bullish above 1317.00, targeting 1365.00 and 1400.00 as long as the price trading above 1290.00   (2016-06-28 05:40:46)
• Direction: Bullish above 1303.00, targeting 1365.00 and 1400.00 as long as the price trading above 1280.00   (2016-06-24 20:25:31)
• Direction: Bearish below 1263.00, targeting 1250.00 and 1239.00 as long as the price trading below 1282.00   (2016-06-23 19:20:37)
• Direction: Bearish below 1262.00, targeting 1252.00 and 1240.00 as long as the price trading below 1280.00   (2016-06-22 14:56:10)
• Direction: neutral   (2016-06-20 20:28:46)