Gold/US - The 1210 level acting as interim support
Date: 14th November,2016 by Timothy Straiton
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Current price at the time of writing is 1223.94, trading below the 40 week moving average at 1281 and also below the monthly pivot level of 1278. The 1210 level may well act as interim support as it marks the Fibonacci 50% retracement level measured over the annual range of 1045 - 1375. However, the weekly MACD is now crossing beneath the zero line and suggests more downside to come. The 1171 area
could well provide tougher support as it marks the Fibonacci 61.8% retracement level from the July high of 1375.
At this time there are no signs of a base forming and we expect further downside to open up in the near future.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.