Intermediate Term Trend: Positive
Friday’s Close: $1,273.40 (+ $ 6.20)
UPDATE: Based on the recent upside acceleration in U.S. Equities Gold had a predictable inverse move lower, falling $80 within a three week period. In light of this, our constant theme had been, “Key near term support is $1,207.00”.
Subsequently, we were not too far off, as the low in Gold was 1,199.00, before bouncing over $67.00 higher to close this past week at the 1,273.00 region. The upside bounce was helped by the inverse play to Equities (came under pressure this past week) which remains intact.