GOLD confirmed last night a negative closing below however plunging again to 1625 this morning. Still possible a further extension of the decline toward the 200 days line at 1617,50; a daily closing below this line will open the way for a drop toward the 1525/ 1500 area!!
The indicators of the daily chart are still well negative while those of the s/t ones are still mixed this morning suggesting further consolidation. Bullish divergences in the hourly chart confirm the negative tone.
Possible rebounds should find resistance at 1655 before the resistance line at 1660!!
We suggest waiting for a sensible rebound to sell for a test of the 200 days line!!
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http://www.easyforexnews.net/wp-content/uploads/2011/12/GOLD-12.14.11.pdf
FUTURE TREND RESEARCH