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Gold likely to be stuck in a long-term downtrend
The ugly price action in gold on Friday bodes ill for those planning for a rising gild price. The big level to breach is still $1180, as it was all the way through last week. For now even $1170 looks to be providing problems for any upward momentum. A break through $1180 would allow the price a run at the 14/15 October price at $1191.
If the price continues to decline then we look towards the 50-day simple moving average at $1140, at which point buyers may be able to muster some momentum. In the longer-term, it looks like the downtrend in gold will continue to prevail.