GOLD, precious metal is still melting!

gold july 08.

It looks like that gold finally found the buyers at 1147 level, but there is no stronger move up from this level for now. Yesterday’s low at 1148 and today’s at 1147 could be support and low for now, but despite US dollar weaknes, the gold is calm and don’t react as usual. I wrote for several times that gold moves are very strange in the last couple of weeks, could this be a longer reversal level for the precious metal? For sure, it doesn’t look like that, gold still looks bearish. First resistance is placed at 1155/57, second at 1162/65 > 1175. On the way down, 1152 is first support now, 1142/47 stronger, but if that breaks, 1132 could be the next target/support, the low from November 2014.

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