TechnoMeter

Weekly price is located below 200 period SMA and 100 period SMA for the primary bearish market condition:

• The price is on bearish ranging within 50.0% Fibo resistance level at 1119.33 and Fibo support level at 1046.23.
• Descending triangle pattern was formed by the price to be crossed for the bearish trend to be continuing.
• "After bursting up to a new higher-high of $1,113.03 after NFP last Friday, prices have been pulling back. That pullback may have just found support at that same level of prior resistance, and when a level is relevant in a market this will often happen. This is a simple, but often effective price action tell, and traders can look at this as a chance to play the top-side of Gold with a risk-defined play."
• "Traders can look to play the continued reversal in Gold by lodging stops below support; the distance of which should be determined by how aggressively you want to treat the move. The more aggressive setup would be placing a stop below today’s low at $1,083.32. Slightly more conservative would be taking that stop below the nearest psychological level at $1,080. And even more conservative than that would be placing the stop below the prior July 2015 low at $1,071.28. On the top-side, that previous high at $1,113 becomes a level of interest, especially for aggressive stops."

Resistance	Support
1119.33	1046.23
1191.26	N/A

If the price will break Fibo support level at 1046.23 so the primary bearish trend will be continuing.
If the price will break 50.0% Fibo resistance level at 1119.33 from below to above so the local uptrend as the bear market rally will be started.
If the price will break Fibo resistance level at 1191.26 from below to above so the reversal of the price movement from the primary bearish to the primary bullish trend will be started.
If not so the price will be ranging within the levels.

• Recommendation for long: watch close W1 price to break 1119.33 for possible buy trade with 1191.26 target to re-enter
• Recommendation to go short: watch W1 price to break 1046.23 support level for possible sell trade
• Trading Summary: ranging

Trend:

W1 - ranging bearish


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