Richard Perry
Independent Analyst
Gold
We see near term rallies on gold struggling to sustain traction as the corrective medium term outlook weighs. Subsequently, in the past week, the failure to break through the resistance band $1474/$1480 seems to now be weighing on gold. The technical rally has rolled over and in posting three negative candles in a row, the sellers are gaining control again. A mild unwind on indicators such as RSI and Stochastics seems to be a chance to sell. The RSI faltering below 40 along with the failure for the MACD lines to make any sustainable recovery, leaves the sellers on the brink of decisive control again. As the market has formed lower highs and lower lows in recent days, intraday rallies are already struggling, with Friday’s high of $1472 another barrier to gains now. A move below initial support at $1456 opens $1445 again, whilst the medium term retreat towards $1400 is still possible in due course.
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