Gold – Looking Increasingly Bearish (1hr chart)
Continually getting rejected and producing intra-day LH’s (lower highs), the precious metal has been forming weaker and weaker bounces, with 1292/95 holding the short term line for the bulls.
In fact you can see the price action angles off the 1293 support getting flatter and flatter, suggesting the bulls are stepping in each time with lesser enthusiasm and potency.
If this area collapses, then the next major support level at 1281/83 will be tested, and likely the next place bulls step back in.
