Richard Perry
Independent Analyst
I almost see that Monday’s gap up at the open was a case of blindly buying gold as a safe haven, rather than a real appetite for it, because the reaction since has been for gold to drift back again to put pressure on the range lows once more again. The two subsequent candles show sharply bearish moves that suggests the bears are in control. The intraday hourly chart shows a series of lower intraday highs over the past couple of days that has left resistance around $1180. There is now a feeling that $1170 is seen as a key level for the market, which if it is decisively breached will result in a test of the key support of the June low at $1162. The hourly momentum indicators have taken on more of a corrective outlook once more and selling into the intraday bounces continues to be seen. The key resistance comes in at $1186.90 that is needed to really turn the outlook round.
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