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TFC Commodity Trading Forum

April Gold/Still Weak *PIC*

April Gold continues to display weakness with lower highs and lower lows since last October. The RSI 21 has been under the 50 centerline since November and serves as resistance on each lower rally. Price even short term needs to clear $1614 to suggest anything more on the upside. After that then $1630 and $1650 would need to be cleared and held to ever even suggest a return to an uptrend once again. Lots of work to do for GC and the proof of the pudding is always price, not the latest 'story'. Despite being more oversold than in late 2008 Gold's price action has been weak regardless of shocking financial news. Price action has been and still is very bearish in spite of world events.