GOLD Remains Vulnerable Below The 1104.49 Zone

[FXTechstrategyTeam]

GOLD: Having reversed part of its previous week gains to close lower, remains vulnerable below the 1104.49 zone. On the downside, support comes in at the 1070.00 level where a break will turn attention to the 1060.00 level. Further down, a cut through here will open the door for a move lower towards the 1050.00 level. Below here if seen could trigger further downside pressure targeting the 1040.00 level. Conversely, resistance resides at the 1090.00 level where a break will aim at the 1100.00 level. A turn above there will expose the 1110.00 level. Further out, resistance stands at the 1120.00 level. All in all, GOLD remains vulnerable below the 1104.49 zone medium term.

[mark havens]

Estimating a very long term view, Gold is forming a cluster in 1day chart. Due to weak fundamentals it can touch the lows of $945 but overall till the end of the year 2016. I expect gold prices to cross the resistance of $1200. Till the end of 1st quarter, due to increasing pressure from US rate hike and Chinese slowdown the bullion might sustain lower but later in the second half the boost will be lightening. Level of $945 is acting as a major support, while the level of $1100 as major resistance.