The sequence of lower highs and lower lows continues as gold has turned lower again and the outlook remains weak for the precious metal. I have been suggesting that the near term outlook has been deteriorating for a while now, but with the consistent downside pressure that has continued for over 4 weeks, the medium term outlook is now also bearish. I am a seller into strength, with the resistance band $1216.50/$1223.10 now in place. With Friday’s peak at $1214.90 the pressure is again to the downside as the peaks come at ever lower levels. Further pressure on the low at $1197.55 continues with a breach opening $1180.70 and then $1168.25 as the next important downside levels.
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