- ABN Amro Bank NV (based on Bloomberg)
For the time being the precious metal is struggling to recover in the vicinity of the August high. Apart from the solid resistance here, we also have a dense supply area circa 1,180, which is a key to the May low and a multi-year down-trend at 1,230. Accordingly, as long as 1,180 is intact, the bias will remain bearish with a focus on the rising support line that connects lows of the last four months. Still, we should not forget the monthly R1 and 100-day SMA at 1,150 and 1,140 respectively that are highly unlikely to let the price fall sharply in case of a sell-off.
For almost a month now neither bulls (52%) nor bears (48%) are able to take the dominant position in the market, and the sentiment stays nearly perfectly neutral.