Gold continues to lack any decisive direction [Video]
|Gold
Gold continues to lack any decisive direction as yet another candlestick formed within the limits of trading of the past week. The market has played out between $1474 support and $1497 resistance for the past six sessions. Momentum indicators have become increasingly stagnant recently, although after yesterday’s negative close, there is just a sense of a bear bias beginning to seep into the market once more. RSI is drifting back from 50, whilst the MACD lines are on the drift under the flat line. Resistance at $1497 is being bolstered and there is another drift back towards the old $1481 key support. A close below $1481 would open the key low at $1458 again, however, the intraday low at $1474 is initial support. This is reflected on the hourly chart which continues to show a lack of real intent. Whilst a slight negative edge has formed in the early part of this week, this is still not a market with any real conviction.
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