Gold: is this the decisive move that will now break the consolidation? [Video]

Richard Perry Independent Analyst

Gold

Is this the decisive move that will now break the consolidation of the past month? Yesterday’s big bear candle has opened a test of the support again around $1480. The low at $1474 (on an intraday spike) marks the support of the recent mini-range, but frequently it has been the buyers re-emerging around $1480 which has been a feature of the past month. How the bulls respond to this sell-off will be key now. A close below $1480 would open $1474 initially but also the $1458 key October low. As we have seen over the past five weeks, it is important not to trade ahead of a breakout. The early basis of support again around $1480 suggests that the bulls are still ready to fight to hang on. However, the configuration of momentum on daily and hourly charts swinging lower suggests that pressure is growing.

Author

Richard Perry

Independent Analyst

Richard Perry, Independent Market Analyst, has over 20 years of experience working in financial markets in London.

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