Since the summer of 2013, gold has been tracing out a large consolidation pattern, registering lows at 1179 and highs at and below the 1400’s.
With the trend since the 2011 high at 1923.7 pointing downward and the break of 1179, price is now likely to decline to the next zone of large degree support at 1088 – 1141.
There is also a larger zone of support established at 860 – 965 on any substantial weakness.
The primary and most important zone of near-term resistance is 1270 – 1330. Only a move back over this zone of resistance would negate this bearish outlook.
