A relatively quiet day in gold yesterday, where the market rose gently throughout the day, finding resistance at the 20 DMA at 1593.
Gold has again found resistance overnight at the 20 DMA and remains in an overall bearish posture. We suspect a retest of 1550 and possibly the 1525-1530 support area is on the cards here, though we may see another attempt to take out 1600 first.
Gold just can't seem to sustain any momentum at the moment and traders are using rallies as an opportunity to either exit longs or open new short positions.
Gold has again found resistance overnight at the 20 DMA and remains in an overall bearish posture. We suspect a retest of 1550 and possibly the 1525-1530 support area is on the cards here, though we may see another attempt to take out 1600 first.
Gold just can't seem to sustain any momentum at the moment and traders are using rallies as an opportunity to either exit longs or open new short positions.