Richard Perry
Independent Analyst
Boosted by the Fed minutes, gold has started to challenge the resistance of the trading range between $1306/$1332 again. This is dragging the corrective momentum indicators back towards a positive configuration and gives the bulls hope of an upside break. Furthermore it is putting the primary downtrend under significant strain once more. A break above $1332 is what the bulls will be hoping for today. A decisive more above $1332 would complete a range breakout and suggest a test of the initial resistance at $1342, but also imply a target of $1358. The past 24 hours has seen the intraday hourly chart take on a far more positive set up with hourly moving averages rising and the support band around $1320 acting as a floor in the price. If this continues then the pressure to the upside will grow and gains become more likely. However we still await the breakout.
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