BCMel

Consolidaton likely on daily gold

COMEX:GC1!   Gold Futures
Consolidation is the word from several commentators after gold hit long-term and short-term channel tops.
The monthly gold chart, showing over extended buying, is screaming for a red candle or two.
However there is still short-term bullishness in this market, which could translate to a pullback on the daily chart here to the low 1500s.
Comment: The $30 sell-off may portend a test of major support at the base of this wedge around 1488-1490. Gary Wagner at Kitco says he "would look for a major support level between $1495 and $1500 per ounce. I would be highly surprised if gold continues lower and trades below that major support level."

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