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Gold trading at $1667.79

Gold prices remain entrenched within the recently traded range, with a near-term tone now being aligned towards the downside. According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “Yesterday’s price action culminated in a repeated failure at the range top / base of daily kumo at 1684, with the revised range floor at 1666 being cracked, which we see as a sign that the downside is more vulnerable.”

Moreover, “Negative hourly and prices below the 4h EMA’s are accompanied with 4h indicators attempting below the midlines. We see increased risk of a fresh attack at the 1666/62 lows, below which would signal a completion of the near-term recovery phase from 1651 (28 January low) – yesterday’s outside day candle supports the notion.” Drvenica affirms. At the time of writing the price of gold has settled at USD $1667.79 Friday, having pulled back recently.

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