GOLD, fear factor!

mario urlic gold 16.11.

Terrorist attack in France and military respons in Syria pushed precious metal to 1198, but the sellers was ready there and stop the panic at technical resistance level. At first, gold opened the week with $7 gap at 1189, after wich the traders tryed to fill that gap, but the trendline stop the return at 1186 and the buyers pushed the precious metal up again to 1192/95. In the European opening, the gold reached 1198 high, after wich the sellers took over and return the price down to 1192 for now. First support on the way down is 1190 (red trend line), following 1183/85 (green trend line) and intra-day support, the second one is placed at 1179/80 and 1074, the strong one and 5 years low. On the way up again, 1095/98 is intra-day resistance, 1110/13 is the next, the stronger one. The situation is slowly normalizing in the market and emotions are weakening, that’s why the US dollar could return to its strenght.

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