MW:Gold bulls are looking sluggish and tired for now
Comex August gold futures have slid into a sideways range over the past few sessions, as the bullish forces have run out of steam. The market has been climbing for nearly a month, but momentum is drying up as the market nears its all-time high.
Looking at the chart, one sees several technical signals that reveals the lack of energy amongst the bulls currently.
ANATOMY OF A CHART
First, the recent high at $1,555, scored on June 6, etched a small bearish shooting star on the daily candlestick chart. That pattern forms when the market opens and closes near the daily low. It reveals that the bulls failed to defend the push to the highs. There were more sellers than buyers at that price level. That is now a short-term resistance level.....
