Richard Perry
Independent Analyst
Gold
A strong negative candle has pulled gold back into a whole raft of supports, but does now come with a warning. Closing the $1575 gap and below the 23.6% Fibonacci retracement (of $1445/$1611) at $1572 weighs on the positive outlook. However, the support of the six week uptrend comes in at $1564 today and the breakout support band $1562/$1568 has held the slide for now. The market is consolidating this morning (potentially in front of the Fed) around these key supports. However, a hawkish lean from the Fed could see these supports fail then a retreat to the 38.2% Fib at $1548 would come back into play. The bulls will be looking for stability and a move back above the 23.6% Fib would be good. Resistance at $1586 is growing.
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