Gold continues its downtrend

Commerzbank commoditiesGold – Daily Chart

Continues its downtrend and targets the 1208.08/1180.04 support zone next, then 1162/1155.

  • Gold continues its descent and since it now clearly trades below last week’s three month low at 1262.72 we have reverted to a bearish outlook.
  • The first downside target is the 78.6% Fibonacci retracement of the June-to-August advance at 1234.40 but the next lower June and July lows at 1208.08/1180.04 represent more significant targets for the weeks to come.
  • ’The long term downtrend is expected to take the gold price to the 1162.45/1154.72 support zone, made up of the January 2010 high, July 2010 low and the 61.8% Fibonacci retracement of the 2008-11 uptrend.
  • We will retain our negative outlook while gold remains below the late September high at 1344.55.

Bearish outlook for the gold priceDaily gold hart is bearish

Gold – Weekly Chart

Targets the 1162.45/1154.72 support zone.

Gold Weekly Chart

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