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Senior Analyst at Commerzbank Axel Rudolph noted the yellow metal could slip back to the 1184/23/1180.04 area.

Key Quotes

“Since gold has made a weekly close below the 2005-18 uptrend line at 1214.90 we turned short-term bearish and have to allow for the 1184.23/1180.04 April and October 2013 lows to be reached”.

“Were this support area to give way, the next lower 1131.85/1122.98 October 2014 and 2016 lows could be reached as well”.

“We will retain our now bearish forecast while the price of gold remains below its 1217.61 August 9 high on a daily chart closing basis”.