Technical Analysis – Gold consolidating, bearish bias strong
Posted on September 24, 2013 at 8:16 am GMTGold has broken below the key $1,330 support level on Friday and this now serves as a resistance level. Many indicators suggest a strong downward bias especially in the long term. On the 4 Hour chart on Tuesday, RSI is below 50 and pointing down. Stochastics are below 20 and flattened out. Price action is below MA55 and below the Ichimoku cloud. In the past three session prices have been consolidating around the $1,325 level which is the 23.6% Fibonacci [..]