| Gold prices may be in the process of resuming their long-term down trend after breaking trend line support in play since mid-August. The metal launched a recovery having dropped to a five-year low in July but sellers moved to reclaim momentum below the $1200/oz figure.
From here, the next level of near-term support comes in at 1108.35, the 38.2% Fibonacci expansion. A daily close below this boundary opens the door for a test of the 50% level at 1089.35. Alternatively, a move back above trend line support-turned-resistance at 1121.62 clears the way for a challenge of the 23.6% Fib at 1131.86...............................................Full Article: Source
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