Tuesday, June 23, 2015

Gold shows further signs of weakness

Gold didn't manage to break the resistance zone of 1190-1200 and now is moving towards a minor support zone at 1175 which is another proof of gold price action weakness.

We believe that 1175 level is a weak support and probably will not hold.In this case gold will probably move initially towards 1160 where there is some support and if it breaks towards 1140.

The big picture for gold remains bearish.