2013 Low In Sight for Support, Otherwise $1,108 Downside Target

Gold is targeting the 2013 low of $1,179.40, where demand should be found and corresponds with a longer-term ascending trend. However, if prices continue to deteriorate, price action will search out S2, or $1,108.

If support is generated -considering the oversold condition on short-term time frames- gold could see upside traction to $1,311.

Key economic data looks to see inflection points and likely to remain mix to the downside. The Fed will not raise rates, and gold remains bullish long-term.