Richard Perry
Independent Analyst
We find the gold price once more in consolidation mode. A couple of attempts to break through the psychological resistance around $1200 have failed but the support around $1180.70 is holding the price up. This consolidation is just resulting in the recovering momentum indicators just tailing off slightly. The concern for the bulls is that the RSI is failing around the 50 mark, the MACD lines are under neutral and the Stochastics are running out of steam too. The bulls need to regain control fairly quickly otherwise the move could lose impetus and begin to come under threat of profit takers. The intraday hourly chart shows the gold price consolidation with technical indicators increasingly neutral. A breach of the $1175.50 low would signal that the bulls are losing control. Range resistance is at $1204.70.
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