Gold Returns to a Value Area

COMEX:GC1!   Gold Futures
Gold has rejected $1836, and has made its back down to the value area we identified earlier. Recall that $1795 to $1815 was a range held by gold in the past. We suggested that if it did not have the strength to break out into the upper $1800's or the $1900's, it was likely to return to this range. After rejecting $1836, we fell straight through $1826, and broke through $1815, currnetly finding support somewhere in the middle of our expected range. We should have further support from $1795, but if not, there will be further support in the $1780's. We anticipate $1851 to hold as a ceiling if we catch another burst of momentum.

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