The best way to know at which level Gold may go down, is to have a look at the history of the chart. The former resistance level when gold was on the upside became a support level. Therefore the best way to look at the futur support level is always to have a look at the left of a chart, in order words at the history and the past trends of Gold.
Therefore you will see on this end 2009- mid 2010 chart the forthcoming levels Gold may face today.
Bellow 1185, it is gradualy 1180-1138-1100-1080-1062-1014-960-940.
As far as gold is concerned, at the present time the precious metal may very well go beyond 1180 towards 1138 and 1100. 1100 is an important level because it is also a 0,5 retracement of FIb.
I think that we can even go bellow 110 towards 1062. At the present situation baring in mind the present macro economic datas, I do not think that we would go furter then 1062. Having said that, if we go under 1062 and brake to 1040 support, we would go deep toward 960-940. Yet I don't think that we are at that stage, but we have to watch the power of the sellers, the volume, the balance of sellers-buyers and the momentum. 1040 can easily be broken. All depend on when at which power with which volume 1040 is reached. But it is yet too early to forsee.
Therefore you will see on this end 2009- mid 2010 chart the forthcoming levels Gold may face today.
Bellow 1185, it is gradualy 1180-1138-1100-1080-1062-1014-960-940.
As far as gold is concerned, at the present time the precious metal may very well go beyond 1180 towards 1138 and 1100. 1100 is an important level because it is also a 0,5 retracement of FIb.
I think that we can even go bellow 110 towards 1062. At the present situation baring in mind the present macro economic datas, I do not think that we would go furter then 1062. Having said that, if we go under 1062 and brake to 1040 support, we would go deep toward 960-940. Yet I don't think that we are at that stage, but we have to watch the power of the sellers, the volume, the balance of sellers-buyers and the momentum. 1040 can easily be broken. All depend on when at which power with which volume 1040 is reached. But it is yet too early to forsee.
