The gold price continues to tease and exasperate gold bugs as each attempt to recover and move beyond the $1700 per ounce price point is promptly extinguished with a sharp reversal, which was once again the case in yesterday’s trading session.
From a technical perspective, and as stressed in previous gold market analysis, the $1700 per ounce price point is now taking on increased significance, particularly following the posting of an isolated pivot high on 22nd January which saw gold touch an intra day high of $1695.90. This aligns almost exactly with the isolated pivot high of 2nd January at $1695.40. These price points were further reinforced this week at failures at this level, virtually every day and confirming the weakness in gold which we saw yesterday, as the February GC contract closed at $1669.90.
From a fundamental perspective this lack of interest is partly due to the current move back into ...
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