The price of gold has returned to the last year level of 1188.00. Correction over the last 1.5 month (since the beginning of this year) amounted to 100% versus the lows of mid-October 2015.
Today’s decline in the price of gold comes with the decline in price of the other precious metals, oil and commodities.
On the hourly and 4-hour charts the indicators OsMA and Stochastic have turned in favour of short positions. On the daily chart the indicators also indicate sell positions. Breakdown of support level of 1157.00 (ЕМА200 on the hourly chart and ЕМА50 on the 4-hour chart) can trigger the decline in price. However, if the price goes below the 1135.00 (ЕМА200 on the daily chart and Fibonacci 61.8%) and 1120.00 (ЕМА144 and Fibonacci 50%) it will indicate that the price of gold goes back to the downtrend.
Support levels: 1157.00, 1135.00 and 1120.00.
Resistance levels: 1188.00 and 1.2000.
Sell Stop: 1175.00.
Targets: 1157.00, 1135.00, 1132.00, 1129.00, 1120.00 and 1115.00.
Targets: 1.2000 and 1.1225.