Gold Mid Day Thursday

The gold market has found initial support in between the upper dotted trendlines in the 1385-1390 area. Resistance is still the upper dotted line near 1406-1410. Price has been trading in this "neutral" type zone since the plunge on Tuesday. A close above 1408 would increase the potential that a short term bounce is underway. Shorter term cycles are due to bottom between now and Tuesday. As long as price holds the 1377-1385 area ---- this current support will still be intact. The G-7 meet later today ---- and gold might just be waiting to see what they do. THE US DOLLAR --- is very close to breaking lower on its chart. A close above the upper dotted line will favor a bounce. Look to 1385-1392 as current support and 1406-1410 as resistance.

No comments: