Gold Pivots
We mentioned yesterday that gold was starting to look oversold at 1876, and sure enough, we got a nice pivot back to the 1900's. We started to see support between 1876 and 1895 confirmed by green triangles forming all the way through this vacuum zone. This suggested that the massive selloff from 2000 was coming to a close and the pendulum was due to swing back. We subsequently blasted through resistance in the 1900's and are currently testing 1917, where we are meeting resistance. This level corresponds with relative lows from the value area established at the end of March and the beginning of April. We should see pretty strong resistance here but if we are able to break through, we will regain the price range between 1917 and 1956.
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