Richard Perry
Independent Analyst
Gold
The outlook for gold remains one of uncertainty. Even the very mild negative drift that has been a feature of recent moves has just stalled again in the past couple of sessions. A positive candle on Wednesday was followed by consolidation yesterday and this has continued into today. With momentum indicators now almost entirely devoid of direction, the outlook for gold is incredibly clouded now. Taking a step back though, there is a downtrend of the past six weeks and the market is trading under $1497/$1500 near term resistance. This does leave a slight negative bias still the preferred strategy. However, there is very little conviction in market moves right now. Support at $1474 above the $1458 key low.
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