Richard Perry
Independent Analyst
The overnight rebound viewed on the daily chart would suggest perhaps the first signs of a recovery. However, when shown intraday, it just looks as though the bounce is just another part of this bear trend that has given intraday opportunities throughout to sell once more. The one big difference this time around is that the RSI is in oversold territory on the daily chart, which is below 30. Perhaps a more cautious approach should be given therefore this time to selling. I would still be in a bearish mind-set on gold, however I am more cautious than I have been for a few days and suggest watching the intraday chart. A move above $1240 resistance would be a move above a lower high, something not seen on gold for several weeks. The daily chart would suggest that the old support of the downtrend channel, currently at $1248, is now a basis of resistance.
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