Before critical FOMC statement and Yellen’s speech of FED we saw that GOLD has dropped till 1142 but could not get below this level. Before these important news, some speculative movements had been done but mostly stayed in a silent flow. Today is very important for GOLD and traders should be careful at those hours.
For a long time, GOLD is in a down trend and trying to hit 1121 as we are always pointing. Below 1177.50, bearish pressure is active. For the sort term period ,1160 is the first resistance level for GOLD. Depending on this levels pressure, GOLD will try to hit 1142 first, than 1131. Sure below this level 1121 will be tested. During retracements, 1154 and 1160 should be watched.
As seen in 1Hrs chart, GOLD broke out symmetric triangle pattern and tried to get over bottom level once. Although this action was not powerful enough to admit its direction, we can say that it is trying to develop a new trend path which is down. According to this, first target seems to be 1142. Below 1142, 1131 would be the second target to be hit.
Also for long term trading, we have to take care about weekly chart. As seen, GOLD is moving in a down trend since 16th of June, 2013 and novadays it is close to bottom level of this trend. I expect that, until 1108, we will move in this trend after then another reversal may occur. So depending on other data, below 1162, our long term target is 1108.