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.
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