GOLD, no mercy
Tough two weeks for golden bulls as US dollar buyers are serious in the market. That’s why the precious metal has almost licked 1200 today, with low of 1202.75 for now. That level is defended during the european sesion and gold rebounded for more then 120 pips, reaching 1216, where the sellers have took over once again, pushing the price down at 1209. It seams like they will try to reach 1200 once more today!? It could be the tough bettle now. You can see on my weekly chart that the support at 1190/1200 is very important, technicaly and obviously psyhological as well. Weekly MA100 is placed at 1207 now and that’s should also be a good support, important for furder move too. If gold close the week bellow, bearish momentum could continue furder and last line of defence could be 1190. It’s interesting to see where the precious metal has opened the year 2016 and it will be interesting to see where the precous metal will close the same at the end. For now, the gold price is somewere in the middle of that range 1060>1375. Pay attention on 2016 50.0 fibo return level (1218) on the way up and 61.8 fibo level (1182) if this support 1200/1190 will be broken.
As I showed yesterday in my gold analysis, after the trendline was broken on the way down, the gold simply lost a ground and fell sharply.