Gold broke 20 month trend line resistance & confirmed the bullish double bottom at 1185/80. As stated Friday, I think we will resume the 15 year bull trend now & I am calling an end to the 25 month bear market. Over night we have tested the 100 day moving average at 1276. This is the next major obstacle & we need a close above here for the next buy signal. We are getting overbought short term now though so profit taking looks increasingly likely. 
A dip back to 1265/64 could be expected & possibly good support at 1256/55 where a low for the day is likely. Exit shorts & try longs with stops below 1251. Next support at 1249/48 but below here an excellent buying opportunity at 1243/41. We should struggle again today in the 1276/79 & it may be wise to exit longs but if trying shorts use stops above 1282 but look for strong resistance at 1287/88.
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Gold: Good Support At 1256/55
Published 01/28/2014, 01:29 AM
Updated 05/14/2017, 06:45 AM
Gold: Good Support At 1256/55
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