Gold: Momentum indicators are confirming the deterioration [Video]

Richard Perry Independent Analyst

Gold

Gold consolidation turned into sharp correction yesterday as everything linked to the dollar took a hit. Keeping in mind the Average True Range of gold is currently $28, a level that has not even been reached in the past two weeks, this was a sudden but sharp decline on gold. Technically it is also a key shift in sentiment. The consolidation between $1902/$2015 has been broken by an intraday drop to $1882. This may not has been sustained into the close, but there is a decisive deterioration in momentum now and downside pressure is growing. We have talked previously about the continual closing levels above the 23.6% Fib (of $1451/$2072) at $1926. This was decisively broken yesterday. Initial selling pressure today is adding to the growing negative move. A close below $1902 would be confirmation of a new corrective phase. Initially this would open $1863 as the next test, but given the lack of real support until $1817, along with the 38.2% Fib at $1835, a much deeper correction could be seen. Momentum indicators are confirming the deterioration, with RSI falling at its lowest since March, Stochastics falling with downside potential and a “bear kiss” on MACD. The near term technical outlook is turning negative for a move back into the mid-$1800s, how the medium to longer term bulls then respond will be key.

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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