Gold - 4 Hour & Daily chart update

Following below is a daily chart showing the current negative posture of the gold market from a technical perspective as it remains below the 50 day moving average which is also flattening out and attempting to turn down. This level needs to be regained to put a more friendly face on the daily chart. Note also the longer term 100 day moving average which continues to rise and above which gold remains. That brings added technical significance to the $1470 level which closely corresponds to the horizontal support level noted on the chart.

Momentum is currently bearish and will need to break above the steeper downtrending red line to give evidence that some hedge fund type buying is picking up.