Bullion Weekly Technicals 19 November 2013

Gold – Daily Chart

A slip through the redrawn six month support line at 1265.02 will confirm our bearish outlook

Our short term gold forecast will stay bearish while the precious metal does not make a daily close above the 2013 downtrend line at 1335.94.

It once again probes the 1277.07/1265.02 support zone, made up of the 61.8% Fibonacci retracement and the six month support line, which looks increasingly under pressure.

Once it has been fallen through, the October low at 1251.58 will be back on the map and should then be slipped through as well.
Failure at the this level will confirm our medium term bearish view.

Minor resistance is seen at the November 14 high at 1294.66 and then around the 50% retracement at 1307.04 and also between the 1326.44 November 7 high and the 38.2% Fibonacci retracement at 1346.21.

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