Gold - Bearish Pressures Increase

Gold is showing no signs of reversing bearish course after recent pullbacks. The positive midterm trend has been broken. It is unlikely that the metal will test again 1263 (27/02/2017 high) resistance.

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).

Daily Technical Report