General observation: In the last several weeks some actions took place, all of them in order to stabilize systematical large size financial risks. Major central banks such as the US Federal Reserve(Fed) and the ECB are keeping a closer eye on the markets, apparently being more flexible and “creative”.
The above has probably a negative continues influence on the affinity to physical gold as an insurance – proof to major systematical financial risks.
Technical condition
Spot chart - gold dropped below the uptrend line which connect the August and December bottoms (2007) but managed to climb back, currently it closed right on that line.
Gold June future contract (GCM8) 8 hours chart - Topped at 1038$ , bottomed at 876$. resistance - so far the 38.2% fib (938$) - , 950$ -960$ (50%) . The downtrend linear channel is still encapsulating the minor uptrend so the bear force has the control on that time frame.
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