Gold is down trending and aiming to break support at first April low (876.5$ for GCM8). The price of gold failed to penetrate the 50% Fibonacci resistance at 957.54 and selling pressure pushed the price lower.Resistance at diagonal upper trend line, ~906.5$ , ~938$ (38.2%Fibonacci) , ~976$ (61.8% Fibonacci) , ~1003$(76.4% Fibonacci) and the high of 1038$. Support at 876.5$ ,~860, 850$ -840$ , ~
The bulls had a few moments of grace as the price of gold managed to trade above the diagonal trend line resistance, but gold failed to penetrate the secondary top at ~960$ and pulled back ~50$. resistance around ~938$ (38.2% fibo) , ~976$ (61.8% fibo) , ~1003$(76.4% fib) and the high of 1038$.support at ~888$, 876.5$ 850$ -840$ , ~820$, 792$. All price relating to Comex gold June contract (GCM8)
Dear readers ,General observation: In the last several weeks some actions took place, all of them in order to stabilize systematical large size financial risks. Major central banks such as the US Federal Reserve(Fed) and the ECB are keeping a closer eye on the markets, apparently being more flexible and “creative”.The above has probably a negative continues influence on the affinity to physical
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