Richard Perry
Independent Analyst
The gold bulls have still got nothing to go on as the hawkish hints in the FOMC statement keep them at bay. In fact as the European traders have taken control today, the price is once more coming under pressure. After two completed trading days of gold barely budging (trading in a tight $12 range) the price is breaking lower once more. A downside move below the initial support at $1088.80 now brings the $1077.00 support back into range. The key near term resistance remains at $1105.60, but I am now ruling out a possible recovery base pattern as the bulls just do not have the backing for it. I expect that rallies will be sold into now. The overhead resistance remains $1105.60, $1109.50 and $1118.70.
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