Monday, February 13, 2017 –
Gold 4 hour chart shows price falling below the 50 moving average in the first hours of the trading week. Stochastic made a bearish cross and is currently reaching extreme oversold levels.
The daily chart for gold is also looking bearish. Stochastic made a bearish cross and RSI also touched overbought levels a few days ago. We are short term bearish for gold right now. Short term target is a support from May 2016 which is 1204.07. Second target if price below the first level is 1182.63.