Weekly Analysis: Gold's Low Is Broken, Signal For Further Decline?

A quick look at where Gold, Silver and USD/TRY are this week:

Gold
Monthly basis: The June 2010 low of 1,196.50 was broken! Can this be a signal for further decline? I believe, as long as it’s below the 1,890 level, decline shall continue.

On a weekly basis, it might go down below 1,215 but the questions is will the buyers at the 1,150 level be enough to change the direction towards 1,300 area? Resistance is at 1,270 level.

Gold shall start the first business day of the week with a decrease, especially below the 1,230 level.



Silver
Monthly basis: It’s hard to think the decline is over as long as it’s below the 19.85 level and be careful with 17.25 level.

On a weekly basis, it will go down especially below 19.95 level but the question is will the buyers at 17.80-17.70 area be enough to turn the direction? Resistance is at 20.90 level.

Silver shall start the first business day of the week with a decrease.


USD/TRY
Monthly basis: It shall not be surprising to make new and historical highs while targeting the 2.0000 psychological level, as long as it stays above 1.9291 level.

On a weekly basis, it shall go up to the 1.9835-1.9850 range but sellers at this level shall lead profit sale for correction. Support is at 1.9295 level.

USD/TRY shall start the first business day of the week with an increase.





Disclaimer: This article is not an investment recommendation. Any analysis presented in this article is not meant to be relied upon for solely investment decisions. Please consult a qualified investment advisor. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author's best judgment as of the date of publication, and are subject to change without notice.