Gold: bulls would be looking to post a higher low between $1528 and $1548 [Video]

Richard Perry Independent Analyst

Gold

The momentum of the retracement from a multi-year high of $1610 has just stalled in recent sessions. Whilst the market closed lower yesterday, a decent rebound into the close has helped to steady the ship slightly. There is still a negative bias to the move over the past week, with yesterday’s low at $1536 being a lower low to the lower high of $1563. Momentum indicators have unwound, but have begun to steady slightly. This is reflected well through the hourly chart where momentum indicators are now oscillating in ranging configuration and moving averages are broadly neutral too. We continue to see this move as being a near term correction within what is still a positive medium term outlook on gold. The bulls would be looking to post a higher low between the 50% Fibonacci retracement (at $1528) and 38.2% Fib (at $1548). So given the low at $1536 was also an old breakout support, this is an interesting development on gold. A move back above $1563 would be a bullish signal now.

Author

Richard Perry

Independent Analyst

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