Weekly Forecast - GOLD (XAU/USD): bearish breakdown

Weekly Forecast - GOLD (XAU/USD): bearish breakdown

24 November 2015, 21:11
Sergey Golubev
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XAU/USD: bearish breakdown. The pair is on bearish market condition located to be below 100 period SMA (100 SMA) and 200 period SMA (200 SMA) in the primary bearish area of the chart. The price is breaking 1077.19 support level on open weekly bar from above to below for the bearish trend to be continuing with 1064.52 and 1050.00 as the next bearish targets.

There are the following news events which will be affected on XAU/USD price movement for the week:

  • 2015-11-25 13:30 GMT | [USD - Core Durable Goods Orders]
  • 2015-11-26 23:30 GMT | [JPY - National Core CPI]
  • 2015-11-27 09:30 GMT | [GBP - GDP]

  • if the price breaks 1191.48 resistance so the reversal of the price movement from the primary bearish to the primary bullish market condition may be started with 1232.40 as the next target;
  • if the price breaks 1064.52 support level so the bearish breakdown will be continuing up to 1050.00 as the nearest bearish target;
  • if not so the price will be moved within the channel.
Resistance
Support
1191.481064.52
1232.40
1050.00
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