Gold is in a downward trend as the risk-on scenario, which has attracted investors to stock markets in the last few days, pulled down price. Bullion was unable to hold above the $1,500 mark but the next support level of $1,480 managed to curb its fall.
From a technical point of view, we are in a sideways phase even though the short-term trend appears negative as the highs seen in the last two months are declining ($1,550 – $1,533 – $1,520). Meanwhile, buyers have managed so far to maintain the price above $1,470, holding off any sharp declines and demonstrating that there remains some appetite for the yellow metal.
