Richard Perry
Independent Analyst
Gold
Gold closing tentatively higher on Friday has settled immediate fears of a renewed downside momentum build up, but the largely neutral tone to the outlook persists now. Daily momentum indicators are sitting very much around neutral levels, with RSI and Stochastics flat but a shade above 50, whilst MACD lines are flat but a shade above neutral. We continue to take any support on gold above the 23.6% Fibonacci retracement (of $1451/$2072) at $1926 as being marginally positive for the gold outlook. However the bulls need to pull above $1973 to really push towards the key near term resistance of $2015. The hourly chart shows support holding above $1937/$1940 pivot band which sustains the mild positive bias, however, indicators appear neutralised still and the bulls unable to push forward. A move above Friday’s high of $1960 would be an indication of something moving, but for now, it is very difficult to get excited about gold.
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