Richard Perry
Independent Analyst
Once again as the yesterday progressed, the sellers gradually regained control. This control happened just above $1290 as an attempted rebound faltered and retreated back towards $1280. The weak technical indicators suggest that rallies such as these are likely to now be sold. On a very near term basis the price has picked up off $1280 again, but expect further downside pressure to pull the price lower to retest the $1273 low and likely further declines in due course. The big caveat to this position is an escalation of geopolitical tensions in eastern Ukraine which would result in a jump in the gold price. In the absence of this though, the technicals are still dragging the price lower.
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