1st August - Gold is struggling, expect a fresh bear leg
05 August 2013
TECHNICALS:
WEEKLY CHART
The gold market has pulled back fairly consistently since early October last year.
And before that had paused for 12 months treading water.
Little wonder then that the gold bulls, seeking relief, have been excited by the rally of the last few weeks.
But the weekly chart shows that they have little to be pleased about unless they can drive the market up through the resistance form the Prior Low at 1322.
Until that breaks the bear market remains intact.
Worse still the chart suggests that the only real support of consequence is the horizontal from the Prior Highs in 2008/9. A fall of around 300$ ( or 22%) should be expected if 1322 cannot be overcome.
DAILY CHART
The detail is a further warning to the bulls. The market has retraced well to the resistance at 1323/1338 but it clearly struggling there. There is no short-term reversal in place yet… but it doesn’t look good.
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08th Aug - Second Upleg in Cocoa Continues 
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02nd Aug - AUD/USD Breaks Long Term 38.2% Support