Gold Technical Analysis: Indecisive Market

• Back-to-back doji candles signal indecision in the marketplace.
• Gold finds no takers despite the Italian political crisis and trade tensions.

Daily chart

Current price: $1,300

Daily high: $1,305

Daily low: $1,300

Trend: sideways, indecisive market

Resistance

$1,305 (session high)

$1,308 (200-day moving average)

$1,319 (April 6 low)

Support

$1,298 (10-day MA)

$1,292 (May 29 low)

$1,282 (recent low)

The doji candles signal indecision in the marketplace, but when viewed against the backdrop of the recovery from $1,282, the candlestick pattern indicates bullish exhaustion or indecision on whether to push prices above $1,302 (double top neckline) in a convincing manner.

The metal's reputation as a safe haven asset is at a risk as it failed to catch a bid earlier this week despite Italian political crisis and the risk aversion in the global markets.