Gold: the bulls are just dragged back again [Video]
|Gold
Gold continues to climb along the tight support of the six week uptrend. However, there are distinct timing issues with running this trend higher, as every time it looks as though the market is running for a breakout, the bulls are just dragged back again. Friday’s decisive bull candle looked like another breakout in the making, but already this morning the market has unwound back from $1590 more than -$10. The trend sits at $1574 today and has been hit almost to the tick in six of the past nine sessions before pulling higher again. The 23.6% Fib is supportive at $1572, whilst $1562 is a higher low now. We continue to look for weakness as a chance to buy for a test of $1611 but are also mindful that there are elements that this is very much a news driven rally too. For now, momentum indicators are positive, but without being especially strong. The RSI is still just hovering between 60/70 and MACD lines effectively flat. Below $1572 and the market begins to look a little less positive.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.