Fools Gold


As Oil (#WTI) lost a bit of its flavour yesterday, losing a dollar in value over concerns regarding a slowdown in global trade, Gold (XAUUSD) managed to recover a little bit of its shine closing $13/ounce higher. This may have been influenced by Hurricane Florence, natural disasters tending to produce a flight to safe havens, but Florence appears to be losing power, and hopefully this will pass with minimum disruption. All in all, this appears to be a Bull Trap. The Gold downtrend that has been established since April shows no sign of reversal. This looks like a technical rally only and it would take a close over $1270/ounce to convince us to modify this view. There should be pretty firm resistance between $1215/$1230 and this is expected to thicken the further north it goes.

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