Richard Perry
Independent Analyst
I still see gold as a near/medium term range play and nothing of the price action that I have seen over the past few days has done anything to dispel that belief. The key support is at $1178, but the higher low coming in at $1191 is also supportive (although it is under pressure today); whilst on the upside the key overhead barrier is at $1224, and immediate resistance now around $1212. There is a fairly mixed outlook for the daily moving averages which are giving us very little in terms of direction. Although I have spoken about the 21 day ma providing support, the 55 and 89 day moving averages are arguably both a basis of resistance too, with all of them now converging. However, despite the daily momentum indicators also positioned as neutral, the price has been beginning to slide in the past 18 hours and this is putting pressure on the initial support at $1191. A confirmed breach would begin to turn the outlook more corrective within the range, but I would still be wary as these moves never seem to be especially clean on gold of late. For now the range remains intact.
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