Gold Setting Up for a Bearish Shift 1, July 2015
Another bounce effort, but only after a failure back from ahead of 1183 (from 1178) to push down through the 1168/67 area for a still negative bias Wednesday.
Although still within the broader range, we see risk this week of a bear shift below 1162.
We see a downside bias for 1165/62; break here aims closer to 1150.
But above 1178 opens risk up to 1183, which we again look to try to cap.
Short/ Intermediate-term Range Parameters: We see the range defined by 1215 and 1164/62.
Range Breakout Challenge
Upside: Above 1215 aims higher for 1232/34 and 1244/45.
Downside: Below 1164/62 sees risk lower for 1142 and 1131.