The support at 1768 held and gold rallied in the afternoon yesterday, following oil higher, to finish the day around unchanged and form a "hammer" candlestick on the daily chart.
After finding resistance at the rising trendline that was broken yesterday, gold has sold off a little this morning and is currently trading around 1774.
Gold needs to get back above the rising trendline quickly or risk a stronger sell off, though the market will be well supported by physical demand in the 1738-1750 area, particularly as Chineses buyers are back from a week's holiday and Indian buyers are very active at this time of year.
Today's video looks at yesterday's market action in more detail and some important Fib retracement levels.
After finding resistance at the rising trendline that was broken yesterday, gold has sold off a little this morning and is currently trading around 1774.
Gold needs to get back above the rising trendline quickly or risk a stronger sell off, though the market will be well supported by physical demand in the 1738-1750 area, particularly as Chineses buyers are back from a week's holiday and Indian buyers are very active at this time of year.
Today's video looks at yesterday's market action in more detail and some important Fib retracement levels.