By Kitco News
http://www.kitco.com/
(Kitco News) - Mon Sept 19—Comex December gold futures are pushing lower Monday as the recent consolidation and correction off the September 6 all-time high at $1923.70 an ounce continues. Daily momentum tools are trending lower from bearishly divergent positions, which means that those indicators did not confirm the September 6 new price high. The market is working off its overbought condition and remains in a sideways range near term.
"The near term rally is going to take a breather and correct," said Paul Hare, executive vice president at the Linn Group. "The market is going through a consolidation that will force more short-term liquidation," he added.
The gold market is approaching short-term moving average support from the 40-day at $1,764 on Monday. December gold futures have been trading above that moving average since early July. Hare pointed to the 40-day moving average as key near term support. "If we take that out and close below it the market could drop to the $1,700 area," Hare warned.
Overall, however, Hare said the gold market was just correcting off an interim high, there were no signs of a major top in the market.
On the downside, major support for December gold lies at the August 25 daily low at $1,705. 40. That represents major intermediate term support for the December gold contract, and must hold to keep the technical picture from deteriorating more dramatically.
In the short term, Hare's advice for gold traders was to "liquidate longs."
http://www.kitco.com/
(Kitco News) - Mon Sept 19—Comex December gold futures are pushing lower Monday as the recent consolidation and correction off the September 6 all-time high at $1923.70 an ounce continues. Daily momentum tools are trending lower from bearishly divergent positions, which means that those indicators did not confirm the September 6 new price high. The market is working off its overbought condition and remains in a sideways range near term.
"The near term rally is going to take a breather and correct," said Paul Hare, executive vice president at the Linn Group. "The market is going through a consolidation that will force more short-term liquidation," he added.
The gold market is approaching short-term moving average support from the 40-day at $1,764 on Monday. December gold futures have been trading above that moving average since early July. Hare pointed to the 40-day moving average as key near term support. "If we take that out and close below it the market could drop to the $1,700 area," Hare warned.
Overall, however, Hare said the gold market was just correcting off an interim high, there were no signs of a major top in the market.
On the downside, major support for December gold lies at the August 25 daily low at $1,705. 40. That represents major intermediate term support for the December gold contract, and must hold to keep the technical picture from deteriorating more dramatically.
In the short term, Hare's advice for gold traders was to "liquidate longs."
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