Today's Gold:
GOLD STUNNING REVERSAL CONTINUES WITH ANOTHER BIG SPIKE UP ON STRONG VOLUME - as gold pushed over the 1351 pivot to close over it and it is trading at 1354 in after hours. We consider this all bullish activity and GOLD broke and CLOSED OVER the .50R as well as the .618R levels of the move down from 1366 to 1302... ALL BULLISH... therefore we can expect further rally attempt now with the TWO PREVIOUS PEAKS TARGETS at 1366 and 1377. Gold trading at 1354 - we see resistance at 1357, 1361, 1363, 1366, 1369, 1371, 1374, 1377, 1382, 1386 and support at 1351, 1347, 1343, 1339, 1336, 1333, 1331, 1326. As long as GOLD TRADES OVER 1351 - a TEST OF THESE TWO HIGHS IS FAVORED.
Today's XAU:
XAU PUSHES HIGHER - and while GOLD was able to break out of .50 and .618R levels today and close over... the XAU is stalled just under a .50R level... this is fine, the miners usually dictate, so we'll see if they can retrace to the XAU targets now and for the .50R level we have 101.87 and for the .618R level we have 104.90 - close enough for us to 105 resistance. Now volume slowed down a little bit, but it was still robust and the fact that we had another big gap up that held, all signs of short term strength. So we're looking for this to try to bust these levels we have given you on the upside, as the XAU closed on the high of the day up ALMOST 5 POINTS at 101.55, just can't argue with that kind of performance- We see resistance at 103, 105, 108 and support at 100, 98, 96. If this stalls out at one of those targets and we get a sharp reversal, it could be over for the retracement, but if it pushes well over these 2 levels, then we're looking at a run to possibly 115.
