Clive P. Maund
Technical Analysis


Gold Reports

Gold Market Update
The reaction back by gold over the past month was preceded by an explosion in Commercial short and Large Spec long positions. On goldís 6-month chart we can see that this reaction has been quite deep, and that it has taken the price back down below the neckline of a potential Head-and-Shoulders bottom pattern, where it should have found support and turned up again. The fact that it didnít is a negative development, that opens up the risk of a retreat back to the vicinity of the lows, although as it is short-term oversold here and on a support level, it could bounce first, then head lower. Moving averages are in a potentially strongly bearish configuration on a medium-term basis, as the 50-day is rolling over beneath a still falling 200-day... Posted at 5.45 pm EST 22nd February 15
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