The gold price is making little progress either way as consolidation continues. However the downside pressure remains in force, with gold trading below the increasingly important resistance of the old downtrend channel which has been the barrier to gains on four occasions over the past two weeks. The momentum indicators are still not doing anything for the bulls, and with the bearish outlook that the chart retains any rebound would still be seen as a chance to sell. With the trend your friend there is still a sense that the next break will be to the downside as there have been no lower highs breached for weeks now. The latest resistance is at $1230 and $1234.80. I still expect a move back to $1200 and ultimately $1184.50.
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