Gold The corrective phase continues for gold and has now completed 3 consecutive down days following the peak at $1190.60. I still see the support band between $1156/$1170 as key and believe that this would be an idea range to look for the next higher low. However, for now a near term correction continues to play out and it is never wise to pre-empt support before it has actually formed. The main caveat from the daily chart is that the Stochastics have rolled over but whilst the RSI and MACD lines remain positively configured then the balance of the analysis suggests this is a bull correction still. Despite this though it is best to wait for the buy signal. The hourly chart suggests that there is still just a mild corrective outlook, but the longer this move goes on the more questions of the bull control there will be. The key support is at $1151. A decisive rebound back above $1177.20 would help to re-engage the bulls.
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