Monday | 24th September 2018

Good Day all my beloved students & steemians. Inside this daily commentary I will share the short-term technical outlook for Gold.

  Previous commentary refer here: http://bit.ly/gold200918

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GOLD

As noted previously, Gold remains very much in consolidation mode.

Last Friday’s pullback from $1210.89 is very much a recurring pattern. But from last Friday’s low of $1191.76, a rally attempt beyond the recent consolidation range is anticipated. This rally attempt may target the supply zone at $1229.91 - $1235.01 before resuming its long-term decline. 

Structurally, the rise from $1160.07 is deemed as a correction, and once this corrective phase is over, the long-term bearish directional bias gold is likely to reassert itself. This is because the long-term decline in Gold is missing one last down leg and the call for another low below $1160.00 conforms to this assessment. 

Also noted previously was the idea that this anticipated fall is potentially a terminal decline and a significant reversal near the $1100.00 level remains a possibility. 

In this regard, the focus is on the area between $1108.34 - $1113.76 for a lasting bottom to be in place before precious metals are back in fashion.