Gold: Anticipate a new leg lower to 1288-1292 - Natixis

The daily stochastic struggles to pick up and the weekly stochastic has turned around, according to Micaella Feldstein, Research Analyst at Natixis.

Key Quotes

“Against this backdrop, a return above a resistance at 1319 (daily Bollinger moving average) sounds tricky and we rather anticipate a new leg lower for Gold to 1288-1292 (daily Bollinger lower band).”  

“We’ll be cautious as a drop below this last support area would underpin bearish momentum, flagging 1275 (weekly Bollinger moving average), 1263 (monthly Bollinger moving average), 1251 (Fibonacci extension) and the support at 1237 (weekly parabolic) as targets. The resistances are at 1302, at 1319, at 1339-1342, at 1357-1363 and at 1374.”