“Today in particular saw something very important – upside follow through. Gold rose 1.4% last week, and instead of falling back, gold had a good move up again today.
Upside follow through like this has been lacking for months. Its absence has discouraged gold bulls, which in turn resulted in selling pressure. As a consequence, and as we can see in the following chart, gold has been in a downtrend since early this year when it was unable to break above the $1,350 area.
Gold Has Broken Solidly Out Of Downtrend Channel
What we are seeing now is buying pressure. Support under $1,200 looks solid. Dips are well bid, and that result is not surprising...
- Source, King World News, Read More Here
