GOLD, what a pressure!
I wrote in my analysis from June 30. that gold doesn’t show any signs of recovery and slowly falling each day. Today, the pressure is at 1162 level, previous support from June 05. This is support, but is it possible for turnover at all, bearish momentum and sellers pressure is huge. After the FOMC metting when FED decided not to hike, gold rise from 1175 to 1205 in two days, where the sellers have take over the precious metal at strong technical resistance. After that gold didn’t find buyers at all, not until the ‘magic Sunday’ and risk opening, where the sellers have took the another opportunity for entry. If this level brake, 1142 is possible to reach, the lowest level in 2015. But, let’s see what could happen. NFP and US unemployment data is coming, which can be very important here, better numbers will brake this for sure. If brake didn’t happen even before. It sure looks like there is nothing in favor of the precious metal now!?