GOLD Needs IMB to be filled 'fore long forecast of bear or bull!

While traders normally look for a trend or a breakout pattern, a sideways range-trade can be just as profitable – potentially – as well as easy to control with noted areas of resistance and support. The daily Gold chart is currently showing a well-defined range that has held since early-April and this looks set to hold if both support and resistance remain in place. The CCI indicator (bottom of the chart) is in neutral territory, while a break above the 20- and 50-day smas would allow Gold to move back towards resistance. Support around the $2,277/oz. level has been tested in early-May and early-June and held, while the early-June pattern is currently mirroring the early-May rally. A break above the June 7th high at $2,387/oz. would suggest that the range trade remains in place.