Bullion Weekly Technicals 03 December 2013

Gold – Daily Chart

Recent short term stabilisation was much weaker and shorter than expected; drops further still

The gold price stabilised last week as expected but did so for a much shorter time period than we had anticipated with it currently heading lower again.

We have thus reverted back to our short term bearish view and will retain it while the precious metal trades below its 1257.27 late November high.

The 1208.08/1180.04 June/July lows and also the July 2010 low at 1156.55 as well as the 2008-11 61.8% Fibonacci retracement at 1154.72 are thus back on the map, the first of which could be hit within a matter of days.

Minor resistance can be seen along the downtrend channel resistance line at 1245.80 and then between the October low at 1251.58 and the November 26 high at 1257.27.

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