Big day for everything today on the news of the can kicking exercise that surely will save the world, the coordinated dollar liquidity swaps from the world’s central banks. Gold of course responded as the dollar was taken to the woodshed. Gold went right up and through resistance coming from the 18 day moving average and closed on the highs of the day. The next layer of resistance will come in around 1800 and corresponds to the highs put in before the recent short term downtrend commenced. Support is coming from a zone between 1700 and 1720 where the 45 and 100 day moving averages are. Additional support is coming from the lows put in around 1680. MACD is about to put in a bullish cross and both RSI and stochastics show lots of room to run higher. The short term uptrend remains intact as long as any pullback does not take out the 1670 swing low.
It should be clear to everyone at this point that the central banks of the world will provide whatever liquidity is required to ensure nominal performance of debt, period. Gold is going much higher as this process continues. Price is back up and in the intermediate trend channel. I see a move to 1800 as the most likely outcome over the next week or so.
The long term weekly chart shows the consolidation triangle is nearing resolution. RSI is finding support at the long term support level and is climbing.