While the stock markets gripped every attention, gold slipped

FX:XAUUSD   Gold Spot / U.S. Dollar
While the stock markets gripped every attention, gold slipped quietly down after creating new 52 weeks high. Formidable selling was witnessed in Gold too this week. It closed below all the important short term trend lines . The RSI was displaying a divergence, which indicates a loss of momentum. Now trading just at minor support $1529 levels. Below this $1415 & $1300 levels may be seen. Pullbacks to $1600 – $1650 levels may be possible as the RSI is close to 35 levels, the strength of pullback will play an important role. If pullback halts close to $1600 - $1650 creating bearish price action, then another leg of down move may take place. Gold getting weak may be another trigger for stocks to gain strength, but these relations are too complex if analyzed on short term charts.
Bharat Jhunjhunwala


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