http://www.goldtrends.net/Gold's sell off on yesterday seems to be another manipulated effort as Margins were increased on the metals. Earlier this week we were looking for a pullback into the Thursday/Friday morning ---and the Thursday afternoon lows reached the lower channel line ----- but held there.
The strong bounce back since the payroll report is indicating that gold should move higher into Monday if we close above 1425. As long as price is inside the red upchannel ---- the short term remains up. First Resistance is the 1436-1444 area and the upper red channel line. Support remains the lower red channel line. It would take a close below the 1403 area and the upper dotted line to neutralize the breakout. Short term Cycles are still warning of a potential pullback next week --- but PRICE RULES ---- and cycles are secondary. We're using a stop on longs at 1398 on the website ---- but we'll probably raise them next week. Have a great weekend !!
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