Gold: the bulls are no longer in control of the market [Video]

Richard Perry Independent Analyst

Gold

The outlook on gold remains mixed after Friday’s small-bodied candlestick. Although the pressure is beginning to build once more for a positive bias, given the corrective signals still present on MACD and RSI, we are still mindful that the bulls are no longer in control of the market. This makes for what is likely to be an ongoing period of uncertainty on gold (impacted by risk-on/risk-off newsflow of the Coronavirus). The Fibonacci retracements of the November to January bull run (from $1445/$1611) maintain an important role in the near term outlook. 38.2% Fib is supportive at $1548 whilst 34. 6% at $1572 is a basis of resistance. Whilst the market trades within these bounds, there is a mixed outlook. However, with another early mild positive move, a renewed positive bias is threatening, and a close above $1572 would re-open the recent high of $1591 as resistance.

Author

Richard Perry

Independent Analyst

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