From Thursday's Gold Forecast:
We did see the big rebound in gold Wednesday, and gold made a high of 1324, closing at 1316. Even though we saw the previous volume high at 1318 from yesterday was tested on lighter volume, there was no apparent price rejection yet as gold was still hanging around at the close at 1316 moving sideways just under resistance. Normally when we get a rejection it is blatant and can be identified by a sharp move in the other direction... we didn't get that today, nor did we expect it, because normally when high volume resistance is tested in gold, it is a sign it can go higher even if volume is light. So if we do push higher from here that sets up the next test again at 1351, and if the move was a stealthy fake out, then we're looking for 1291 again.
From Thursday's $XAU Forecast:
XAU gapped up slightly to 91.91, made a low of 91.62 and a high of 93.90 and closed on a doji at 91.77 or up .41. Basically all the trading was inside 91-94 support and resistance today. We have no changes to the guidance, we still have not seen the wide range day we are expecting of between 4-6 bucks either way to either push back towards 98-100 or back down to 86 to retest the low. We still see odds for resolving lower
