Gold falls (a little) on Mubarek resignation

With Mabarek’s resignation, a reversal in Gold would be expected on the idea of less tension should lead to less demand for safe haven assets like gold.

The price has indeed fallen, but the price remains above the 100 hour MA at the 1359.50 level. As a result, the technicals are still fighting between the 100 hour MA and resistance above on the daily chart (see below) against a series of resistance levels including the 100 day MA, the 50% retracement of the move down from the January 2011 high to the 2011 low, and the underside of the trendline (see chart below).

So although the there is some minor selling, the market remains contained with neither bulls or bears taking control.