Gold: Signs of profit-taking on the yellow metal [Video]

Richard Perry Independent Analyst

Gold

There are signs of profit-taking on gold. We discussed the importance of yesterday’s gap at $1649 and how the bulls would respond. This gap has now been filled this morning, and if the market closes at current levels, given the strength of the negative candle it would suggest that the bull run is over, at least for now. We note the January bull run, which culminated in a -$75 unwind from the high. So far the market has given back over -$50 from the $1688 high (the highest level on gold since January 2013). Momentum indicators are reacting too. The RSI crossing back under 70 is a classic exhaustion signal for the bull run. The Stochastics bear cross (not yet confirmed) is also a sign of growing unwind. The hourly chart indicators show a renewed pullback move this morning after overnight consolidation. This is leaving resistance at $1658/$1662. The initial support is at $1623, but the first real support is at the $1611 old key breakout.

Author

Richard Perry

Independent Analyst

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