GOLD - THIS WEEK'S forecast: Bearish below 1753.65 BANCA.ASIA 亞洲銀行

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GOLD - THIS WEEK'S forecast: Bearish below 1753.65
Metals  |  Thu - June 14, 2012 2:15 pm  |  Article Hits:1163  |  A+ | a-

Last week's bearish signals for sentiment were successful. Gold lost almost $40 and for the first time in 6 months selling continued for a 2nd week. The failure confirmed negative momentum signals that warned selling interest was becoming stronger, while on a daily basis a bearish trend showed investors were selling any improvements. Going into this week negative sentiment is overstretched and there is the potential for some improvement in the first few days. However any bounces should be temporary with sentiment remaining negative below 1753.65. Targets are for losses to 1693.00 then 1661.50 equal to a 38-50% correction to all the improvement since May’s bottom. ( 1527.0 – 1796.0)
Risk to this forecast would be buying back above last week's top and breaking the bearish trend of lower highs at 1753.65. This should be a bullish signal that sentiment is improving again and further gains would target 1774.95 then potentially 1796.01, the top for October.

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