Gold Implications and Outlook
1. The retest of Key Support in Gold (highlighted by Green arrow) targets $1,338 Mean Resistance. Another way of looking at this chart would be that it has evolved from the bottom of the critical range and may even end up back near the top of Key Resistance of $1,363, which is higher than three percent away.
2. Gold continues to be under pressure coming from an improving US Dollar and is revealing over again how quickly it can recover from its occasional trips at the $1300 level. It had been merely three days earlier that it went to the $1310 zone where it encountered significant support and started making its journey to the upside.
3. Current bullish/bearish bias is 70/30
1. The retest of Key Support in Gold (highlighted by Green arrow) targets $1,338 Mean Resistance. Another way of looking at this chart would be that it has evolved from the bottom of the critical range and may even end up back near the top of Key Resistance of $1,363, which is higher than three percent away.
2. Gold continues to be under pressure coming from an improving US Dollar and is revealing over again how quickly it can recover from its occasional trips at the $1300 level. It had been merely three days earlier that it went to the $1310 zone where it encountered significant support and started making its journey to the upside.
3. Current bullish/bearish bias is 70/30