In gold we have a Daily Bearish Reversal at 1250 followed by 1206, and 1179. But the next big area after 1206 will be 1088. The 1206 number is also a Weekly Bearish Reversal. At this point, gold has to close ABOVE 12816 on Friday just to stabilize. A weekly closing BELOW 12613 will warn we may see lower prices into next week. Our Monthly Bearish Reversal lies at 1151.80. So we have to keep this area in mind. We still see December as a key turning point and January shaping up as a Directional Change.
As we can see even on the oscillators gold is still not oversold. So despite the cries of manipulation, gold is still poised for lower prices ahead and it is not oversold on an unbiased mathematical model.
