Gold: Are the bulls starting to make their move again? [Video]

Richard Perry Independent Analyst

Gold

After several days lacking conviction, are the bulls starting to make their move again? The past four completed sessions have seen a mild creep higher, but the small candlestick bodies reflect a lack of real intent. However, this morning, we see the market pushing the buying pressure and this pressure is testing the key two month downtrend (today at $1920). There are three key near to medium term technical barriers immediately overhead now. Initially the two month downtrend at $1920, then the 23.6% Fibonacci retracement (of $1451/$2072) at $1926 and then the $1933 October high. If these can be overcome then the bulls will be in a strengthening position to test much higher at $1973 and $1991. Momentum is still a little sluggish, with RSI rising but still under 55 (around where the lower highs have all been posted since August). A move into the high 50s would suggest real positive momentum could be forming. The hourly chart shows a gradually more positive configuration is forming. The bulls will be looking to use $1910/$1914 as near term support to buy into intraday weakness now. A higher low comes in at $1894. Signs of life once more, but this move still has plenty of hurdles to overcome before we can buy with confidence again.

Author

Richard Perry

Independent Analyst

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