Gold18 Jan 2018 10:14
Gold Analysis
https://www.bulliondesk.com/
Gold is consolidating after gains stalled at $1,344.65 per oz on Monday January 15.
The stochastics have crossed lower while short-term momentum has stalled; the RSI at 62 has eased from an overbought 74 at the start of the week.
Gold has filled the outstanding chart price around $1,340-43 per oz from September, which will clear the way for further gains.
Support is now seen around $1,322 per oz, where resistance was seen in early January, and the 20 DMA has moved up to $1,312 per oz.
Additional support is seen at $1,300 per oz and around $1,285 per oz from the 100, 55 and 40 DMAs.
Resistance is seen at the 2017 high at $1,357 per oz ahead of the July-2016 high at $1,375 per oz.
Macro drivers
Net length among Comex speculators rose for a fourth straight week, increasing 40,020 contracts or 25% because a sizeable 47,733-contract build in gross longs was only partially offset by a 7,713-contract build in fund shorts.
ETF holdings have been stable so far in 2018, they total 2,122 tonnes after they increased 174 tonnes in 2017.