Gold Attempts To Breach 1086.00 Fibonacci
ICN.com | Jul 30, 2015 06:38AM ET
Gold is presently attempting to breach through 1086.00 -Fibonacci of 61.8%- and a break below this level will cause a new downside wave.
The ADX indicator is turning into negativity, although RSI is moving within oversold territories, but failed to clear 30.00 levels.
Therefore, we may witness a bearish wave with targets at 1051.00-1052.00 and may extend to 1030.00.
Stabilizing below 1100.00 is required to keep the bearishness valid, but below 1086.00 is better.
Support: 1080.00 – 1075.00 – 1051.00
Resistance: 1087.00 – 1090.00 – 1100.00
Direction: Bearish
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