METALS: Moving Independently; Contra-Trend Moves Possible.
Gold: Range Bound? Slipping Again.
Gold Spot price (GOLDS-1,295.27) rallied into resistance at 1,400 and paused to pull back toward the conjoined 50-and 200-day MAs, which should have offered support at 1,300 but that appears to be failing as price falls below the midpoint of the potentially developing wide trading range between 1,400- 1,430 and 1,200 (see Figure 20).
The daily momentum is negative and falling, so a sustained slip below 1,300 would suggest further attrition, possibly toward 1,250 or the lower band of the wide trading range at 1,200. The monthly momentum (not shown) remains negative, supporting a further pullback, while the weekly remains positive.
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