From the last update a week ago price was wedged between support and resistance below 1800. On Tuesday we then saw price spike to the upside triggering buy orders as well as taking out any stop losses above the zone. Price consolidated above the 1800 zone until Thursday enticing even more buyers to go long. A strong reversal then came on Thursday which saw prices drop back below 1800 and the week closed on Friday with prices back below 1800 where it started the week. If the level continues to hold and we see Dollar strength return in the market this could very well trigger shorts on Gold and we could see lower prices in the foreseeable future. An Engulfing close below Friday's low around 1774 will be an important level for bears to watch.
@gremic, Yep! There are definitely Grizzlies at that level. A break to the downside would be nice but hey, the markets whisper and flirt continuously - let see how it plays out, hopefully this week