Richard Perry
Independent Analyst
The price continues to consolidate in the band $1306 to $1332, however exactly how the breakout will come is less clear. Uncertainty is high, with the number of "doji" candlesticks posted over the past three weeks increasing by the day. The momentum indicators are threatening to take on a corrective configuration, but once again are failing to show much conviction either, especially if the support that has been formed overnight in Asian trading continues. The intraday hourly chart gives us little further information, with hourly moving averages basically flat and little to be garnered from the momentum. Unfortunately we can do little else other than play the range for now until we see a break above $1332 or below $1306. Neither seems to be imminent either.
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