Gold Falls to Support, Quickly Reestablishes Value
Gold fell from the value area between 1795 and 1815, only to find support at 1789, one of the exact levels we've been calling out. Diligent readers should have been prepared for this dip. We have since pivoted from 1789, and regained value above 1800, testing support again at 1795. The Kovach OBV has edged up, after registering the selloff, suggesting that rout is over for now, and the value area is likely to hold. Watch for support again at 1795, and resistance at 1815. Again, note that if we do attempt another selloff, those levels in the 1780's should hold, with the floor being 1777 for now.
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