Near Term Trend: Neutral
Friday’s Close: $1,332.60 (+ $1.00)
UPDATE: Six weeks ago we cautioned Gold might be overbought. Ten trading days ago, we marked on the chart- Gold feels heavy (selling pressure could be mounting).
Summer months and low volatility under consideration, Gold has been in an overall sideways pattern but weakening as time went on.
Key near term support is currently $1,313.50. A daily settlement below that point could be a tipping point for much more concerted selling.
Caution- Keep an eye on Equities, if they sell off, Gold could attract buyers.