Gold Bounces Off Range Support

At the last look at Gold it was testing support. The support held.

In fact last week was a powerful positive week, rallying off the upper channel line and above the important range resistance at 1620.



Within the recent rally, the first day of the new month was the most positive day. The action has reached the 0.382 retrace level but again the rally has been in a clean move up. The key support is now 1592.9 (green dashed, horizontal line,) as trade under there would suggest the move higher was in fact correcting the decline lower rather than reversing it.



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