4 Hour Gold Chart

Gold continues its range trade and has now moved to the top of that range between $1500 and $1480 - $1470. A strong push past $1500 would be a psychological boost to the gold bulls and would unnerve a few of the weaker shorts as well. We could expect to see their short covering provide enough fuel to take it to $1510 should that occur.

It will take a close through $1520 to let it challenge $1530 and give it the potential to then attack $1550.

Downside moves towards $1480 - $1470 continue to attract buying and with the Dollar fading from near the 76 level again, that buying should continue. I would not expect $1470 to give way unless the USDX were to be able to push towards 76.50.