Richard Perry
Independent Analyst
Gold
Despite the tick higher on gold yesterday there is still an ongoing corrective bias to the chart which points towards using rallies as a chance to sell. The past few weeks have the momentum indicators consistently sluggish in corrective configuration, whilst the failure at the overhead supply around $1480 will have been a key concern for stale bulls. There is a consistent theme of lower highs and lower lows in recent months, which points towards pressure on the $1445 November low. Given the Thanksgiving public holiday for the US on Thursday, it may be a case of wait and see for the next move for the rest of this week. However, we see yesterday’s rebound has already lost impetus on the hourly chart as a series of near term sell signals filter through on MACD and Stochastics. Initial resistance at $1462 under $1473.
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