Gold Hits Key Resistance, Trades Low on Equity Highs

Gold has played out well on a technical basis. My previous analysis was rather spot on, as price action was leaning towards support at $1,133 from $1,170. Price found support and moved higher to resistance level one of $1,179 before profit taking today.

Price action should remain within the descending channel, while a close below it will likely send gold quickly to $1,000.

See this week's analysis here: tinyurl.com/myhztjg

Please see previous analysis here: tinyurl.com/mjaqrqo