Richard Perry
Independent Analyst
Gold
Gold is a market seen as a key gauge of risk appetite and the outlook for the dollar. So given the importance of the latest round of US/China trade talks, a $12 (ie. small) daily range (the Average True Range has been above $20 for the past three months) with a doji candle around the mid-point, should not be unexpected. This is a market waiting for a catalyst. Yesterday was another session where the $1500 level has been traded, but there has been a slight pick up today in the lead up to the trade talks. Momentum is a shade above neutral across our signals, but the resistance of the one month downtrend falls at $1520 today and $1518.50 also remains as a barrier. There is a sense that the bulls are ready to talk hold once more, but this has to be a wait and see moment for now.
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