Tanalys

GOLD (Spot) intraday: turning down.

Pivot: 1485.00

Our preference: SHORT positions below 1485 with 1448 1418 as next targets.

Alternative scenario: The upside penetration of 1485 will call for a rebound towards 1507 1539.

Comment: gold prices have broken below a rising trend line and are capped the declining 20-day moving average (currently at 1474).

Trend: ST Bearish; MT Bearish

Key levels Comment

1539** Intraday resistance

1507** Intraday resistance

1485** Intraday pivot point

1470.99 Last

1448*** Intraday support

1418** Intraday support

1404** Intraday support

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