Long-term:
- Sideways channel since May 2013- Weekly chart: MAs in the bearish order
- Strong support is at $1,180.0 (2 minimums of 2013/100-month simple MA)
- Resistance: $1,280.0, $1,300 (psychological level/channel resistance), $1,345 (July 2014 high), $1,388.90 (March 2014 high)
- Long-term target: $1.085 (50% Fibonacci of the advance in 2009-2011)
Medium-term:
- Daily chart: in the middle of the descending channel, the Ichimoku Cloud is getting narrower- Bulls may revisit the upper line of the channel if the price settles above $1,240.50 (June 2014 low).
- Below $1,240.50 will revisit $1,180.0.
Fundamental factors:
- Seasonal support in a short-term- Watch the US macro statistics: new disappointing data could support demand
- Long-term environment remains negative: Fed tightening and global disinflationary pressures
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