Gold

We still see the outlook for gold at an uncertain stage. The two trendlines continue to converge and gold is once more trading around an area we see as a neutral zone, between $1902/$1933. The two month downtrend falls at $1927 today, whilst the six month uptrend rises around $1883, so the price is almost bang in the middle. Momentum indicators have flattened off in neutral areas and reflect a lack of conviction. So we await the market to make the next decisive move. That would come on a close above $1933 (which would be a four week high and confirmed downtrend line breach. Alternatively, a breach of the $1873 October low would be a negative move.

Gold

 

 

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