Gold’s interim upswings unlikely to sustain - slides underway

FX:XAUUSD   Gold Spot / U.S. Dollar
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On monthly plotting XAUUSD has dropped back below sloping trend line of descending triangle to the current levels of 1083.14.

Weekly price tested 21DMA as resistance and rejected at 1108.42. that is where divergence is evidenced on leading oscillators.

We don't think prevailing price bounces to sustain in long run, see gold and silver struggled and rejected to break out and sustain strong trend line resistance at 1102 region on monthly charts.

One can only be bullish above convincing break these levels on monthly charts. Although both weekly and monthly RSI oscillators signal bullish convergence to approach this level we are not carrying adding longs without a decisive break out at above mentioned levels.

However, observe the price actions on confirmed continuance above or below moving average curve.

Prices above this lagging indicator help us understand the ability to catch a move above or below and remain in a move and develops a sustained move.

On the Comex division of the NYME, gold futures for February delivery were inched up 0.88% at 1,083.00.

India and China being the two countries to consume highest gold in the world, we believe gold's recovery is dependent on Chinese economic recovery.

The February contract ended Thursday's session 1.24% lower at 1,073.60 an ounce.

Futures were likely to find support at 1,063.20, the lows of January 4 and resistance at 1,091.50, (yesterday's highs).
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