Gold loses its shine again
Last friday gold manage to find the current bottom at 1130 and strongly rejected all the way to the 1180, the weekly strong resistnace level and 38.2 fibo return of the October 21. –> November 6. fall. I pointed out that possible scenario in my previous analysis from November 07. After that sharp move gold losing the power and can’t find enough strenght to attack resistance one more time, pushing down continually and precise with the down trendline. USD strenght all over the market is to strong, especially at the USD/JPY pair and that is one of the the ‘leaders’ of the gold decline for this week. This morning gold touched 1150 and only slightly recovered to the 1154 for now. There is minor support at 1147/50, stronger at 1130, the lowest level in the last 4 years. At 12:30 h (GMT) we have a US Retail sale data, could that change something here, we will see!? But for now, there is no sign of gold recovery.