Gold: Struggling for traction in a run higher [Video]
|Gold
Gold has struggled for traction in a run higher over recent sessions, and now with a tick back lower this morning, it plays into the continuation of a growing medium term range between $1902/$2015. Holding the support at $1902 with consistent closes above the 23.6% Fibonacci retracement (of $1451/$2072) at $1926 is important for the bulls, but in order to sustain what has been building as a positive bias they will be looking to hold above a $1937/$1940 near term support band. So this early slip lower needs to be watched today. Daily momentum indicators reflect the ranging, with RSI and Stochastics both tailing off around neutral and MACD lines flattening also around neutral. Hourly indicators suggest pressure on $1937/$1940 today but for now, the support is broadly intact. Resistance is also mounting around $1972/$1973 from recent sessions. This leaves gold sitting at a near term crossroads. We continue to believe that gold remains a buy into weakness.
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