Gold – 12 Oct

Gold continues on the uptrend and made another short term swing high. Of course once again the high of the day was in Asia where buyers prefer physical gold, followed by the lows and the close in in London and New York where the preference is to sell paper gold. The close was right at resistance around 1676. Price is now battling the 18 day moving average and that level must be cleared on a close to put the next price objective in reach, the 45 day moving average currently at 1761. The technical  studies aren’t  saying much other than the trend continues and volatility continues to leave the market by virtue of the contraction of the Bollinger bands.  Support remains at 1585, the major swing low, with the lower Bollinger band contracting and approaching that level. Primary resistance is the 18 day moving average at 1676.

These charts show where we are in the longer term trend:

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