Intermediate Term Trend: Positive
Friday’s Close: $1,324.50 (+ $ 58.50)
UPDATE: Four 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 since that time and settling this Friday above $1.324.00.
We noted throughout the last five week, “The upside bounce was helped by the inverse play to Equities (pressure on Stocks) which remains intact”.