Gold Establishes Value, Forms Narrow Range

COMEX:GC1!   Gold Futures
Gold has found stability in the exact range we identified: 1770 to 1775. We even discussed how it was likely to consolidate further between 1777 and the 1780's which is exactly what happened. In particular, 1777 and 1784 seem to be the lower and upper bounds respectively. Gold is likely to establish value further, but the range has narrowed significantly, and when this happens we are setting up for a breakout either way. Still, 1777 to 1795 should hold. Watch the vacuum zone above to 1815 and below to 1759. The Kovach OBV is still bearish but is starting to flatten a bit as momentum recedes.

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