Initial resistance still begins near the $1720 - $1725 level. Above that, selling will show up near $1740.
The market remains rangebound with a bit of a near term friendly bias.
It remains below the 50 day moving average which comes in at $1737. That corresponds closely with the resistance level I noted above. To see the longer term bullish trend reassert itself, the market will need to convincingly close through this level.
Downside support still is holding firm near the $1700 level as bargain buying out of Asia is very solid here.
Can you see the significance of this $1800 level and why the bulls were unable to take it through there on this go around? Clearing $1800 and holding it, is the KEY TO THE RESUMPTION OF THE BULLISH TREND.
Dan, what are your thoughts on the classic "cup and handle" that has formed in that gold chart over the last 8 months? Don't you think this is bullish in the near term?
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