Walter de Wet Says Gold Looks Techncially Bearish

In the midst of a short analysis of the gold market, Standard Bank analyst Walter de Wet says gold looks technically weak:

In technical terms, gold looks bearish within a $1,181 - $1,174 range where the 100-day MA and long-term support trendlines meet. However, in the physical market, buying interest is providing support around this crucial technical range for gold. A break below this range could see gold decline to $1,150.

It's hard to criticize his timing. This morning, the metal tumbled down to $1,160 as the previous range bottom broke through.