Gold during this week

Gold may try to drop again during this week, but the 1063 level could act as a temporary support. To the upside, the 55 day exponential moving average, which is currently at the 1120 level could act as resistance in case gold retraces to the upside. But the Dollar stays strong and as long as the greenback holds on to its gains, it would be difficult for gold to rally.

The move to the downside continues and I wouldn't be surprised if it reaches 1000.

I'm expecting below $1,000 before New Year.

Retraced just a bit, still in downtrend.

At least gold has stalled its drop and keeps consolidating. The 1098 could be its next resistance and the low at the 1046 level could still act as support.

Interesting to see movements this week.

I believe we will be seeing a big rally up in a month or two correcting the drop from 2008 or maybe even an impulse move.

As you can see on the weekly chart, we had a bearish triangle, which usually is followed by the final break down before we head up. and the drop was in a diagonal triangle this shows how weak drop is.

I believe GOLD will rally up in the next month or two.

As you can see on the weekly gold chart, we had a bearish triangle which is usually followed by the last move down, and even the drop was in a diagonal triangle form.

This all show how weak the selling is for gold.

Sorry for posting twice but i forgot to attach image.

Thanks

That really depends on whether or not it will break below 1046.

Gold prices have been down last year, with one of the major reason is being strong USD and till now there is no sign of getting any change in situation.

Gold may retrace to the 1088 level, but if risk aversion comes in again into the markets, then the precious metal may try to reach again its recent high around the 1113 level.

Expecting a move to the upside.