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Gold bulls must surmount a “massive road-block” between $1,620 and $1,640 an ounce on daily futures charts to regain control of market momentum, technical analyst Robin Mesch said in a monthly report.
Such a feat would require “enormous directional conviction on the part of the bulls” in gold, the analyst said in the Mesch Market Outlook for August. Mesch, who’s based in Oregon, is a leading market strategist and a pioneer in the field of technical analysis and market theory.
“With low usage below the market, the path of least resistance is to the downside long-term,” Mesch wrote. “And for this month, the road down toward $1,580 looks far easier for the bears to achieve than the climb up toward $1,715. Front-month CME Group gold futures settled at $1,603.70 on Aug. 1.
In other futures markets, there is a “lack of consensus” on fair value in CME Group crude oil, meaning prices probably will “remain tethered to a fairly large trading range,” from about $72 to $98 a barrel, for the next two months, Mesch said. In E-mini S&P 500 Index futures, Mesch sees “little conviction on either side of the order flows.”