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29 Jul 2014
Gold lacking direction yet carries a bearish bias
FXStreet (Guatemala) - Analysts at TD Securities explained that a sustained move outside of the recent range parameters is needed to give this market a stronger sense of direction.
Key Quotes:
“Gold is a market in search of a direction still”.
“Heavy selling from just below the 1340 area in mid-July is still giving this market a bit of a hangover but there is no strong desire to push the market much below 1290/95 at the moment”.
“Short-term patterns favour the market ratcheting a little lower near-term but the solid June rebound in gold suggests support is likely to emerge on dips through the low/mid 1200s”.
Key Quotes:
“Gold is a market in search of a direction still”.
“Heavy selling from just below the 1340 area in mid-July is still giving this market a bit of a hangover but there is no strong desire to push the market much below 1290/95 at the moment”.
“Short-term patterns favour the market ratcheting a little lower near-term but the solid June rebound in gold suggests support is likely to emerge on dips through the low/mid 1200s”.