Near Term Trend: Positive
Friday’s Close: $1,331.10 (- $ 4.00)
UPDATE: Seven weeks ago we highlighted key near term support at $1,207.00.
Subsequently, we were not too far off, as the low in Gold was 1,199.00, before bouncing over $166.00 higher.
In light of that, two weeks ago we cautioned gold might be a bit overbought.
Subsequently it has sold off roughly $50.00 from the recent highs, but actual concerted selling pressure has not yet materialized.