Gold traded in a tight $20 range for the whole week [Video]
|Gold
The subdued outlook for gold continues to progress. Gold traded in a tight $20 range for the whole week. Considering the Average True Range is $20 for a single session, this reflects the state of consolidation on the market. However, the resistance is still in place at $1497 and under $1500 which gives a slight negative bias to the outlook. The downtrend of the past six weeks is still intact (today falling at $1510) and momentum indicators are a shade under their neutral positions. However, whilst the support band holds between $1458/$1481 there is little real direction to speak of. This is a market that has become marooned by uncertainty and is desperate for direction. Above $1497 would be a mini break higher and imply $20/$23 of upside projection. Initial support at $1483.
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