GOLD confirmed on Friday a retest of the 200 days line at 1630,70 with even a small overshooting before however closing still below of it forming even a negative day reversal. Only a daily closing tonight below 1609,00 will however confirm lower levels. The move up is corrective but a daily closing above the 200 days line will favour an overshooting toward 1675 if not even 1715!! The indicators of the daily chart are still negative but already a positive closing tonight will turn them up supporting a possible extension of the correction. The indicators of the s/t charts are positive supporting furtherstrength. Bearish divergences in the hourly chart confirm a positive tone. Only a break below 1605,50 confirmed by an hourly closing will favour lower levels with the 200 hours line at 1591,20 the attraction. The s/t scenery is positive but we suggest waiting for lower levels to buy.
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FUTURE TREND RESEARCH