Gold struggles near 1295 • Gold moved somewhat lower to touch again and sit on the support line of 1295 (S1). At the time of writing, the precious metal is testing that obstacle and if the bears are strong enough to overcome it, I would expect them to target the next support level, at 1280 (S2). As long as the price remains below 1305 (R1), the lower bound of its prior sideways path, I would consider the near-term outlook cautiously to the downside. However, on the longer-term time frames, I still see a trendless picture and this is confirmed by the fact that both the 50- and 200-day moving averages are still pointing sideways, while both our weekly momentum studies lie on their neutral lines. •Support: 1295 (S1), 1280 (S2), 1267 (S3) •Resistance: 1305 (R1), 1323 (R2), 1345 (R3)
Posted on: Wed, 20 Aug 2014 07:37:37 +0000
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