Gold – 14 Oct

Gold was again capped at 1680 after closing higher on the day. 1680 is formidable resistance and will be pivotal for the next move, either to 1750 or back to previous resistance at 1600. Light chart resistance is at 1705 with strong resistance at 1775, with the 45 day moving average in between. Stochastic is getting to over-sold levels with RSI at neutral reading. The uptrend remains intact and 1656 must hold to confirm a higher low waiting for another higher swing high. I like a move to 1750 followed by more consolidation back toward 1700, with 1680 as strong support and a floor for prices.

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