Near Term Trend: Positive
Friday’s Close: $1,327.40 (- $ 7.20)
UPDATE: Seven 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, three weeks ago we cautioned gold might be a bit overbought.
As it turned out, Gold did in fact sell off roughly $57.00 from the recent highs, but actual concerted selling pressure has not yet materialized.
NOTE: 50- Day M.A. Line remains positively sloped. Overall a Bullish sign.