Near Term Trend: Negative
Fridays Close: $1,255.50 (- $2.50)
UPDATE: Eleven weeks ago we cautioned Gold might be overbought. Five weeks ago we highlighted, Key near term support is currently $1,315.00, based on our uptrend line dating back to last December. A daily settlement below that point could be a tipping point for much more concerted selling.
Three weeks ago Gold settled below $1,315.00 by roughly $5.00. As per we suggested; Aggressive traders should have been short at the $1,320.00 region. Keep the stop to $1,286.00 to protect profits.