Gold: less conviction in the run higher as the yellow metal slip back into the lose [Video]

Richard Perry Independent Analyst

Gold

Gold continues to make headway along the six week uptrend. However, with yesterday’s slip back into the lose turning a positive session into a concerning one, there is less conviction in the run higher. For now, the market remains positive, trading around the support of the 23.6% Fibonacci retracement (of $1445/$1611) which comes in at $1472, whilst also maintaining the support of the six week bull trend. This trendline comes in as a basis of support today at $1570 and there is the support of the recent breakout support band is at $1562/$1568. However, the failure to push on above $1586 (Monday’s high) could begin to weigh on the run higher. Momentum reflects this, as the MACD lines continue to edge lower and Stochastics begin to wane under 80. The 21 day moving average is a good gauge at $1562 today, whilst this week’s low coming in also at $1562 adds to the importance of this as support near term. We remain positive on gold whilst the $1538 key support remains intact, but the gold bull move is beginning to look a little tired. Yesterday’s failure again at $1586 adds to the resistance.

Author

Richard Perry

Independent Analyst

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