The next task for the bulls is to break through the 200 hour MA and the psychologically important 1300 level, whilst the bears will want to push the price back below the 80 hour MA and continue the pattern of lower lows.
Equities remain strong, with the S&P breaking through resistance at 1888 yesterday and making a new all time high. The dollar remains well bid above 80 and oil is hovering just below $100 a barrel.
Support can be found at 1287, 1277-1280, 1250-1255, 1237-1240, 1220-1225, 1210, 1200 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term, though this now
looks unlikely unless we break below 1250.
Resistance can be found at 1294, 1298-1300, 1307, 1318-1322, 1330-1332, 1340-1342, 1352-1354, 1392-1395, 1400, 1420 and 1435. The impulsive breakout above the down trend line on the weekly chart 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 the potential bottom that is forming.