Gold analysis for trading
 

GOLD confirmed yesterday a very weak closing below the 1670 key level. We expect further weakness toward the 200 days line at 1616,50 with a possible extension later on toward the 1500 area. The indicators of the daily chart are still well negative while those of the s/t ones are mixed suggesting come consolidation. Bullish divergences in the hourly chart confirm a negative tone. In the s/t only an hourly closing above 1672,00 will postpone further weakness favoring a rebound that should see a 1680 overshooting. So check it before trade