Near Term Trend: Neutral to Positive
Friday’s Close: $1,251.70 (+ $ 2.00)
UPDATE: Four weeks ago when Gold had just settled at $1,236.20 we stated, “Traders should wait for a further dip to buy near $1,200.00”.
Sixteen days ago Gold dipped to $1,197.50, and based on that, traders should have be long from the $1,200.00 region.
Raise the protective sell stop to $1,218.00 from breakeven ($1,200.00), since we have a very healthy profit in this trade.