A further prod higher Tuesday, but again a still slowing ascent, which indicates a stalling corrective recovery.
We look for consolidation into midweek, but whilst capped by 1197 and more notable 1209 resistances, we see bear pressures resurfacing, given the mid-March break below the 1143 spike low from December 2014.
For Today: We see a neutral tone between 1197 and 1178 (but with a downside bias)
- Break above 1197 aims for 1209.
- Break below 1178 aims for 1168.
Short-term Outlook - Downside Risks:
- Initially looking for a recoil back to rebound supports.
- For April we see a more negative tone with the bearish threat to 1132, the 2014 cycle low.
- Growing threat into April, is for a break below 1132 for 1100 and longer term support at 1045.
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Daily Gold Future Chart (April 2015 Contract)