Gold has been holding our range between 1905 and 1977 for a while now. The large price fluctuations have tested the extremes of this range, but have not broken them. You could have made serious $$$ clipping these levels. Currently, gold has caught some steam and is currently testing 1964. Be wary of this!! The Kovach OBV is not registering much momentum at all from this recent move! It is relatively flat, though looks to be tapering up ever so slightly. The Kovach Chande has risen, but looks to be finding an extremum and may recede soon, since it is an oscillator. What this means is that this rally in gold may be short lived. There are some significant technical levels above at 1964, 1973, and 1977. It is highly likely gold will face resistance at one of these. We are still bullish long term of gold, but this short term price action may give us some nice entry points for longer term holds, as well as short term scalps.
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