Gold: the bulls do not look to be on especially solid ground [Video]
|Gold
There has been a consolidation over recent sessions with US traders focusing more on their turkey and/or buying faux discounted items for Black Friday. However, this consolidation has moved into the final month of the year with a breach of a four week downtrend. A swing higher on Friday formed a bull candle and questions who is in control of the market now. However, essentially, this trend breach does not really change the narrative for gold, which continues to be medium term corrective. Subsequently with the resistance building at $1480 which is an area of overhead supply of the August to October old stale bulls, we see rallies fading for pressure back on the $1445 low again. It is interesting to see gold already slipping back again today. The bulls do not look to be on especially solid ground. Momentum indicators remain medium term correctively configured and anything on RSI around 45/50 should be seen as an opportunity if the market begins to edge higher in the coming days. We remain sellers into strength, it just depends on how strong the support at $1445 ends up being.
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