Gold: The market remains stuck around $1700 [Video]

Richard Perry Independent Analyst

Gold

The range on gold continues as the market remains stuck around $1700. For the past five weeks, gold has traded within the confines of resistance at $1746 and support at $1660. As the range has gone on, there have been converging levels of support and resistance, leaving the most recent levels of $1681 as support and $1722 as resistance. Interestingly this is entirely around the old $1702 old breakout which has become a pivot within the range. Gold is now into its 12th session of having printed trades at this $1702 pivot. Momentum indicators continue to moderate, with the RSI and Stochastics almost entirely flat around their mid-points. MACD lines are still sliding back but this move is simply unwinding the momentum of the April rally and is part of the moderation. We continue to favour buying weakness within the range for eventual tests of the $1738/$1746 resistance. However, for now this is a very slow burner.

Author

Richard Perry

Independent Analyst

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