Richard Perry
Independent Analyst
I have gradually been changing my view over the past few days on gold. As the price movement has become increasingly less akin to that of a bear market in the near term I have been suggesting that the gold price is trading within a range, and has done for over 2 weeks. This range is pivoted largely around $1210 and the price is holding on to the lows around $1191 up to the highs around $1223. There is a very slight bearish bias within the range of late but nothing that yet is screaming out for a downside break. However there is still the overriding medium term bear trend that is a negative guiding force, falling today at the $1223 resistance, whilst the daily momentum would still suggest a downside break of this range is far more likely. Perhaps the gold price is waiting for a catalyst from Non—farm Payrolls. Last month shows a sharp bearish move on gold on a strong payrolls report, so pressure on $1191 would be seen. The near term resistance is around $1210.
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