GOLD---WILL IT CRASH BELOW 1200 NEAR TERM ??

We see a relative stabilization of Euros near terms, especially against Dollars and other commodity currencies. As such, gold may go down due to risk aversion, as the Gold price is now considered much too high to sustain.


The possibility of Sell down Gold in upcoming weeks/Months is thus high.




Daily Chart for Gold.

The lower trendline marked in Brown Color has been breached for the last three trading days.


The current sentiments are Bearish, 1237 is the immediate support(S2), follows by 1231 (S3), Breaking these two supports may send gold toward 1209, the Ichimoku cloud top support (or near the 50% Fibo), next will be 1197 (38.2% Fibo), then 1181 (23.6% Fibo).


Please do note that there is a perfect Bearish Double Tops formation for GOLD on Daily Chart.