Gold: failure to capitalize on momentum may disappoint bulls
The failure of gold to push ahead in its recovery momentum will come as a disappointment for the bulls. Even as safe-haven flows have begun to resume on Wednesday, the gold price closed lower and runs the risk that this tepid rally has already run out of steam. The band of overhead supply between $1474/$1480 has come in to act as a barrier to the recovery and yesterday’s high at $1279 is notable. Read more…
Gold Technical Analysis: Remains vulnerable below 100-day SMA
Gold seems to have stalled its recent corrective bounce from three-month lows and witnessed a modest pullback from previous support, now turned resistance near 100-day SMA.
Meanwhile, the commodity has been trending lower over the past two months or so along a descending trend-channel, which clearly points to a well-established near-term downtrend. Read more…
Gold daily chart
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