Gold Weekly Technical Report 25-29/8/2014

The metal dropped last week and we notice a bearish bias with the beginning of this week that could extend intraday in light of the negativity showing on AROON, MACD and Linear Regression Indicators. The possible target of the downside move is close to the bullish supprt showing on graph at 1268.00 and perhaps 1262.00 and breaking it is required to extend the downside move.

Generally, we will bet now on some bearishness, but the price should break 1262.00 levels to keep expecting further bearishness this week, or we will return to positivity for a while in a bullish correctional wave if the metal failed to break the referred to level.