Gold Technical Update - Short Term Gyrations Amidst Long-Term Bottom

Gold was resilient over the last two weeks in holding up over the $1,200 level, and indeed almost had us fooled that it was about to ignore this resistance and continue to advance higher. Yet after several failures to mount a sustained advance, gold succumbed to selling pressure by Tuesday. For the week, gold closed down $16 or 1.4% to finish at $1,188 as of the final trade on the New York COMEX on Friday. Although gold did push above the $1,200 figure marginally, the message of the market here is of sellers who showed up every time gold attempted to make some distance above the round number.

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