Gold Setting Up for a Bearish Shift 1, July 2015

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Gold Setting Up for a Bearish Shift 1, July 2015

Another bounce effort, but only after a failure back from ahead of 1183 (from 1178) to push down through the 1168/67 area for a still negative bias Wednesday.

Although still within the broader range, we see risk this week of a bear shift below 1162.

For Today:

We see a downside bias for 1165/62; break here aims closer to 1150.

But above 1178 opens risk up to 1183, which we again look to try to cap.

Short/ Intermediate-term Range Parameters: We see the range defined by 1215 and 1164/62.

Range Breakout Challenge

Upside: Above 1215 aims higher for 1232/34 and 1244/45.

Downside: Below 1164/62 sees risk lower for 1142 and 1131.

Gold Chart

Source: FxEmpire

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