13.10.2015 GOLD

Gold spot Intraday: break of a ST rising trendline support.

Pivot: 1164 Our preference: Short positions below 1164 with targets @ 1145 & 1136 in extension. Alternative scenario: Above 1164 look for further upside with 1169 & 1177 as targets. Comment: As long as 1164 is resistance, likely decline to 1145.

The red lines are the supports, the green lines are the resistances and the blue line is the pivot point (the key level where we would turn bullish from bearish, or bearish from bullish). There is no one-way for calculating our supports and resistances. We favour the use of Fibonacci levels (either via a retracement or a projection), along with classical technical levels (gaps, horizontal lines, etc.). The choice will depend on the current market configuration.