Gold Respects Our Level 😎

Gold spiked sharply higher after finding support at $1629. Recall that anticipated support at this level, since it is a relative low established at the end of September. We made it as high as $1670, before retracing a bit back to neighborhood of $1650. The Kovach OBV has spiked dramatically, suggesting there was strong momentum to this move, but it still just could be a short covering rally. The Kovach OBV has since leveled off, suggesting that $1670 may have been a top for now. If not, $1683 is the next target. We expect $1629 to continue to offer support.