Gold - Further downside ahead
Date: 24th November,2016 by Timothy Straiton
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Current level is 1186.20, trading well below the 40 week moving average of 1280 and also below the monthly pivot level of 1279. Now that support at 1210 has been broken,
focus is now on 1171 and thereafter 1123. These two levels correspond to the Fibonacci 61.8% and 76.4% retracement lines based on the 1374.91 - 1045.85 range made over the last 12 months.
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.