Opinions

SAXOBANK
Sell close to 1,195 for a push down to Fri’s low 1,185 again. Stop abv 1,200.

GTF
Sell @ 1196$
SL @ 1206$
TP @ Around 1180$

INO

August gold closed lower on Friday and below the 10-day moving average crossing at 1202.50. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August resumes the decline off June's high, the 38% retracement level of this year's rally crossing at 1183.90 is the next downside target. Closes above the 20-day moving average crossing at 1221.80 are needed to confirm that a low has been posted. First resistance is Tuesday's high crossing at 1218.80. Second resistance is the 20-day moving average crossing at 1221.80. First support is last Wednesday's low crossing at 1185.00. Second support is the 38% retracement level of this year's rally crossing at 1183.90.

Monday - Cast

If Gold Failed To Break 1180$ And Stay Above 1192$ Then It Will Get To  Level Of 1202$.
If Gold Break Level Of 1180$ Then It Will Get To The Level Of 1174$ Or Below..

Chances ...

Up 30%
Down 70%

Monday - Opinion

Sell @  1196$
SL  @  1206$
TP  @  Around 1180$

Gold Weekly Technical Outlook

Gold's sharp fall on Friday suggests that recovery from 1185 is finished at 1218.8 already. Initial bias is cautiously on the downside this week. Break of 1185 will confirm that whole decline from 1266.5 has resumed and should target 61.8% projection of 1266.5 to 1185 from 1218.8 at 1168.4 next, which is close to 1166 key support. On the upside, above 1218.8 will turn bias neutral and bring more consolidations. But after all, we'd maintain that risk remains heavily on the downside as long as 1266.5 resistance holds.

In the bigger picture, gold's rally from 1044.5 should have completed at 1266.5. More importantly, whole medium term rise from 681 might have finished with five waves up too, on bearish divergence condition in daily MACD. Sustained trading below 55 days EMA (now at 1205.8) will affirm this case and bring deep correction to 1044.5 cluster support (38.2% retracement of 681 to 1266.5 at 1042.8) at least.

In the long term picture, we're proposing that 1266.5 is an important medium term top in gold and we should see a sizable correction going forward. A breach of 1000 psychological level is possible. However, there is no indication of long term up trend reversal yet. We'd maintain the long term bullish view and expect whole up trend from 1999 low of 253 to continue to 100% projection of 253 to 1033.9 from 681 at 1462 level after completing the correction from 1266.5.

Source : Internet

Gold futures fell hard Friday, tracking other assets after a drop in consumer sentiment battered stocks and a report showing benign inflation for June offset gold buying on inflation fears.

Gold for August delivery lost $20.10, or 1.7%, to $1,188.20 an ounce on the Comex division of the New York Mercantile Exchange. It was gold's largest one-day drop since July 1, and the lowest settlement price since May 21.

"We are seeing a positive correlation between gold and equities," said Adam Klopfenstein, senior market strategist at Lind-Waldock.

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