Richard Perry
Independent Analyst
The gold price is yet another chart that is increasingly turning into a consolidation with a loss of direction. The reaction low at $1175.50 is growing of importance, but in the last two days the gold price has become rangebound and seems to be waiting for the next catalyst (this is likely to be the calm before the storm of the Swiss Gold referendum). Arguably the recovery outlook remains on with a series of higher lows in place and support now forming back above the old $1180.70 key level. However hourly momentum has been neutralised and the resistance at $1207.70 remains intact. We could be waiting now for the fundamentally driven breakout.
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