Near Term Trend: Neutral
Friday’s Close: $1,233.20 (+ $ 2.90)
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”.
Nine 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 breakeven ($1,200.00), since we have a good profit riding in the trade at this juncture.