Gold price continues to lack any decisive direction

London (Oct 22)  Gold continues to lack any decisive direction as yet another candlestick formed within the limits of trading of the past week. The market has played out between $1474 support and $1497 resistance for the past six sessions. Momentum indicators have become increasingly stagnant recently, although after yesterday’s negative close, there is just a sense of a bear bias beginning to seep into the market once more. RSI is drifting back from 50, whilst the MACD lines are on the drift under the flat line. Resistance at $1497 is being bolstered and there is another drift back towards the old $1481 key support. A close below $1481 would open the key low at $1458 again, however, the intraday low at $1474 is initial support. This is reflected on the hourly chart which continues to show a lack of real intent. Whilst a slight negative edge has formed in the early part of this week, this is still not a market with any real conviction.

FXstreet

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