Near Term Trend: Positive to Neutral
Friday’s Close: $1,337.10 (- $ 4.60)
UPDATE: Ten weeks ago we highlighted key near term support at $1,207.00, and the contract held above that region and subsequently bounced over $166.00 higher.
In light of that, six weeks ago we cautioned gold might be a bit overbought.
Subsequently, Gold has been in an overall sideways pattern within the last five weeks, and in light of the Equity rally, Gold feels a bit heavy.