Gold - Setting Lower Highs
Gold's volatility is strong in the medium-term. The metal is setting lower highs which indicates a negative momentum. Hourly resistance is given at 1343 (22/09/2016 high). Key resistance stands far away at 1375 (06/07/2016 high). Expected to show renewed bearish pressures towards key support at 1302 (01/09/2016 low).
In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).