Near Term Trend: Negative
Friday’s Close: $1,267.70 (- $ .30 cents)
UPDATE: 12 weeks ago we cautioned Gold might be overbought. Six 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”.
Four 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. No Change: Keep the stop to $1,286.00 to protect profits.