Technical Analysis and Outlook
Gold is trading laterally today following a quiet overnight session – currently up over $5.5 at $1292. As stated on Market Commentary-January 5, Friday (Jan 4) trading session, front-month Gold already has gotten to our Outer Gold Rally $1302 target - along with Inner Gold Rally $1296.
Every trading day this week could be described as a contracting price range defined by the completion of the Inner and Outer Gold Rally as traders an investors are posing themselves for pushing the market higher to the next Gold Rally $1322.
The downside risk is a new Mean Support $1285, Mean Support $1279 and Key Support $1267.50. (For the latest market talk, please see the site 'Market Commentary' tab - TradingSig_dot_com).
Gold is trading laterally today following a quiet overnight session – currently up over $5.5 at $1292. As stated on Market Commentary-January 5, Friday (Jan 4) trading session, front-month Gold already has gotten to our Outer Gold Rally $1302 target - along with Inner Gold Rally $1296.
Every trading day this week could be described as a contracting price range defined by the completion of the Inner and Outer Gold Rally as traders an investors are posing themselves for pushing the market higher to the next Gold Rally $1322.
The downside risk is a new Mean Support $1285, Mean Support $1279 and Key Support $1267.50. (For the latest market talk, please see the site 'Market Commentary' tab - TradingSig_dot_com).