Gold support at $1474 is holding, with resistance at $1497 [Video]

Richard Perry Independent Analyst

Gold

The consolidation of the past seven sessions which has traded in a tiny range of $23 continues. Support at $1474 is holding, with resistance at $1497. There is a very slight negative drift given the pressure on supports in the run of lower highs. Also with the mild negative bias on momentum indicators (RSI slipping under 50, MACD lines a shade under neutral and Stochastics turning lower), this is pointing towards a test of the $1474 support. However, once more a close under $1481 which was an old support remains elusive. This has repeatedly been defended in recent months into the close and again in recent sessions. A mild tick higher into the close yesterday and holding today simply reiterates the consolidation. This is reflected in the hourly chart which shows RSI having just gone back above 60 for the first time in a few days, whilst hourly MACD lines are positioned around neutral again. A market desperately in need of a catalyst.

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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