Gold Finds Support
Gold has found some support off 1851, as anticipated. After collapsing from the 1900's, we were due for a relief rally. Yesterday, we predicted a relief rally to 1876, and that is exactly what happened. However, we are seeing resistance at 1876, confirmed by red triangles on the KRI. The Kovach OBV has picked up slightly with the pivot, but has quickly leveled off, suggesting we need more follow through to attain higher levels. If so, there is a vacuum zone to 1895. If we fail, then 1851 is should continue to provide support, but after that there is a vacuum zone to 1836.
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