Gold has stabilized after rejecting higher levels, as anticipated. As we mentioned yesterday, 1795 was just too large of an obstacle for gold, and it retreated to value in the 1780's, where a cluster of levels is catching the price action like fly paper. We anticipate the broad range between 1777 and 1795 to hold for now. Volatility has narrowed considerably between 1780 and 1789. The Kovach OBV has completely flatlined suggesting that this value area will hold until more momentum comes through. The longer volatility consolidates in this manner, the more likely a breakout (or breakdown) will be.
Comment:
Gold falls to our support level at 1777! Let's see what it does from here...
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