The dollar continues to exhibit weakness, this is driving gold higher however oil remains weak and silver is lagging markedly behind gold - this flashes a warning that the rally may not be built on solid foundations as sliver usually leads gold higher in a bull market.
The RSI bearish divergecne persists and is another signal that all is perhaps not rosy with this gold rally - at the very least caution is warranted. In addition, gold has alomst reached the next longer term resistance level on the weekly chart.
Support can be found at 1360-1363, 1354, 1350, 1340, 1330-1332, 1322, 1312-1315, 1307, 1295-1300 and 1280.
Resistance can be found at 1375-1380, 1395-1400, 1420 and 1435. The breakout above 1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our next trade.