The daily gold chart remains between the lower blue and red bands in its bearish area. This weakness suggests an interesting hourly timeframe, given that the S1 pivot is holding as support. However, we note that the hourly trend-following indicators are in bearish formation and that the stochastic has turned down (black ellipses). If the S1 level fails to hold and the stochastic makes its way into the 20- area (blue arrow), the longer-term momentum will probably dominate the short-term bulls. However, we will pause for further price data analysis if the stochastic turns up.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.