Gold on 15th September 2017, Gold prices down by (-154) pts closed at 29856 trading range between 29825 - 30040 and December Comex Gold futures settled at $1325.20 division of the New York Mercantile Exchange. Gold prices dipped lower on Friday as investors disregarded the geopolitical uncertainty that followed after North Korea launched a missile over Japan and the expectations that the Federal Reserve will hike rates later this year kept the safe haven on a weekly loss.

Technical outlook

Short term Intraday

Opportunity The Gold market hit support area and it’s likely to slice through neckline $1320 level. Enough resistance could be seen to turn things around. Therefore, it looks likely to see Head and shoulder chart pattern downside pressure. A break below $1320 (29800) level could lead towards $13010-1300 (29650-29350) level and eventually towards $1280(29000) level. There is a gap above that continues to put bearish pressure in this market, extending all the way to the 200 level. The downward pressure could continue to weigh upon the market as it is a head and shoulder reversal pattern driven market.

Medium Term:

Gold prices rebounded but were unable to hold above the support line. Failing to close below support line at $1330, Gold daily chart formed “Rising Wedge Pattern” Current prices have broken support line, which indicates bearish momentum. Support holds at $1330. A break below could lead towards $1318-1300 level. On the other hand, if it does not break below, then buying would be preferable and the next upside rally would be towards $1362-1400(30550-31700).

Overbought indication RSI (relative strength index)

The RSI indicates overbought has reduced from 76% to 56% which is a correction. The rising wedge support edge holds at $1300.

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