Gold Spot Daily
The recent 5 day sell-off in gold is slowing somewhat, having stalled its recent decline around 1,240.0. The chart still looks fairly ugly, but with the RSI firmly in oversold territory at around 28.5, some consolidation is likely. There is little technical reason to buy this pair, and outside geopolitical concerns there appears to be little fundamental appetite recently.
Selling corrections towards 1278.0 previously broken support looks like a decent strategy, with a stop just above the main moving averages which are converging just below 1,300.00.
