Gold – 6 Oct

Gold confirmed yesterday’s higher swing low and closed up on the day. Nothing has materially changed and the short term uptrend remains intact. Resistance is 1675 and support is 1535.

The more interesting chart is the long term weekly chart. RSI has bottomed right on schedule at the 50 level as it has for the last 3 years. Also, price is battling in the vicinity of the 18 week moving average as it has on every spike down within the trend. While price did come close to the 45 week moving average on one day, it did not actually cross it. So the trend is consistent throughout this correction so far. Stochastic is reaching levels where we can expect a reversal. BTFD.

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