Gold tanked again, but as predicted, found support at 1705, the last level of the 1700 handle. We knew the small rally we saw the last time we tested 1705 would be short lived as it barely moved the dial on the Kovach OBV. Also, we ran into resistance from the 0.236 Fibonacci level, and just did not have enough momentum to break through. These two factors both suggested a retracement. Currently, we are forming a double bottom at 1705, but things are looking pretty weak. We are running into immediate resistance at 1715. If we give up the 1700's, then 1692 is the next level down. We expect 1683, the lower anchor of our Fibonacci levels to hold as a lower bound.
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