Gold is reacting negatively to the inflection point of our 2nd and 3rd tier uptrend lines. The swift pullback in gold follows a week of tight consolidation, signifying investors are siding with the downside after a period of indecisiveness. We believe today's movement to the south could be a game-changing statement with a retest of the highly psychological $900/oz likely. today's pullback hasn't been accompanied by abnormal volume thus far, so we will have to see how the session pans out. However, gold's downturn certainly raises a red flag, and we wouldn't be surprised to witness another near-term leg down.
Present Price: $919.85/oz
Resistances: $927.40/oz, $931.41/oz, $935.62/oz, $939.82/oz, $941.94/oz
Supports: $923.96/oz, $920.95/oz, $917.49/oz, $914.99/oz, $911.14/oz
Psychological: $950/oz, $900/oz