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Gold Price: Long-Term Down Trend Resuming?

Gold Price: Long-Term Down Trend Resuming?

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold Down Trend May Be Resuming After Break of Trend Line
  • Break of Support at 1108.35 Exposes the Next Barrier at 1089.35

Gold prices may be in the process of resuming their long-term down trend after breaking trend line support in play since mid-August. The metal launched a recovery having dropped to a five-year low in July but sellers moved to reclaim momentum below the $1200/oz figure.

From here, the next level of near-term support comes in at 1108.35, the 38.2% Fibonacci expansion. A daily close below this boundary opens the door for a test of the 50% level at 1089.35. Alternatively, a move back above trend line support-turned-resistance at 1121.62 clears the way for a challenge of the 23.6% Fib at 1131.86.

Gold Price: Long-Term Down Trend Resuming?

KEY UPCOMING EVENT RISK:

08 SEP 2015, 09:00 GMT – GDP (QoQ) (2Q P) – Expected: 0.3%, Prior: 0.4%

08 SEP 2015, 21:15 GMT – Fed’s Kocherlakota Speaks on Monetary Policy

09 SEP 2015, 21:00 GMT – RBNZ Interest Rate Decision – Expected: 2.75%, Prior: 3.00%

10 SEP 2015, 01:30 GMT – China CPI (YoY) (AUG) – Expected: 1.8%, Prior: 1.6%

10 SEP 2015, 11:00 GMT – Bank of England Rate Decision – Expected: 0.50%, Prior: 0.50%

11 SEP 2015, 12:30 GMT – PPI (YoY) (AUG) – Expected: -0.9%, Prev: -0.8%

11 SEP 2015, 14:00 GMT – UofM Consumer Confidence (SEP P) – Expected: 91.2, Prev: 91.9

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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