Richard Perry
Independent Analyst
Yesterday's dip saw gold hit its lowest level since early February as the downside pressure continues to test lower. Daily momentum indicators continue to point lower, however, the bulls will continue to point to the support of the 144 day moving average which is the key long term gauge for gold. The intraday chart is not great reading though for the bulls, with consistent lows being hit and now the falling 55 hour moving average (c. $1286.65) pulling the price lower and hourly momentum indicators firmly in bearish configuration. There is little reason to suggest that yesterday's low at $1277.10 will not be revisited, with a break opening $1252 and $1238. Realistically, there now needs to be a move above $1300 for the bulls to regain the initiative.
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