December 5 (King World News) – Gold spot price (GOLDS-1,714.80) carried
little immediate effect regarding a pick up in demand when the margin
requirement for the gold futures was lowered mid month. Recent behavior
has been unusual in that the dollar and gold have both withdrawn in
price (they usually perform inversely). Gold appears weak (see Figure
10) and may need to extend the ongoing consolidation. The weekly momentum is turning negative (see arr w) along with the daily, and the monthly (neither shown) remains negative and deteriorating. With all three momentum readings negative, the path of least resistance appears down, suggesting price may decline further within the current consolidation and even test supports.
Louise Yamada continues @ KingWorldNews.com
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