GOLD technical picture & Outlook for October 27, 2014

Gold’s technical rebound from its long-term support @ $1.183 fell short a bit above $1.250. The commodity hovers around support @ 1.230, with the next support levels being @ 1.220 and 1.210. The daily trend is slightly negative, which increases chances for lower levels next week. Dollar strength is not helpful to gold bulls either, while investor fears about global growth etc. seem to have faded out in the last couple of days.

Gold, 5-hour chart:

Gold(5 Hours)20141025115538

Chart courtesy of Investing.com (www.investing.com)

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