Gold Rejects Highs, Finds Support?
Gold has rejected 1917 exactly as we anticipated. Recall that we predicted resistance here as this was the relative low of a range held from the end of March through the beginning of April. We've subsequently retraced the entire move from the pivot off 1876, but appear to be finding support at this level once again. The Kovach OBV has turned bearish once more. We should have further support from 1865 and 1857 if we break lower. From above 1917 will continue to provide resistance but if we break that level, we could reestablish the range discussed earlier.
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