Bullion Weekly Technicals 12 November 2013 |
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Our short term gold forecast will stay bearish while the precious metal does not make a daily close above the 2013 downtrend line at 1344.50.
It currently probes the 1277.07/1270.16 support zone, made up of the 61.8% Fibonacci retracement and the six month support line. It may hold there for a few days.
Once it has dropped through it, however, the October low at 1251.58 will be back on the map and should be slipped through as well.
Failure at the this level will confirm our medium term bearish view. We still favour our bearish outlook but have to allow for a minor bounce back being seen first, though.
Minor resistance is seen around the 50% retracement at 1307.04 and also between the 1326.44 November 7 high and the 38.2% Fibonacci retracement at 1346.21.
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