While in bullish trend GOLD got into 1195-1185 band with the positive US Home Sales data and currently at 1193.65. When we analyse short term charts, bullish pressure will be effective on GOLD above 1185 support. Today we were expecting to get below this level but GOLD is still inside 1195-1185 band.
In order to be in buyers side, we think that, we have to get over 1195 first. At that time we can speak about 1201 – 1211 levels. Below 1195, bearish power would get stronger eventually. Otherwise, we may expect to break down 1185 support and a travel to 1175 may begin.
So traders must watch GOLD price carefuly between 1195 – 1185.
Our view is; GOLD will have a retracement down to 1185-1180 and the price actions over that level will decide the middle-long term direction.