The bulls are just beginning to take control once more on gold. There have now been four positive closes in the past five sessions, and the market is again edging higher this morning. This has stabilised the supports within the $1902/$2015 five week range and the bulls are looking higher once more. Daily momentum is gradually ticking higher again, with RSI at a four week high today, and MACD lines threatening to cross back higher. These moves are still though relatively small, given the Average True Range continues to fall (today down at $31). Despite this, the hourly chart shows a move back above the old pivot line of $1955 (which has since become initially supportive) and the initial resistance at $1976 is being eyed. A move to test $1991 would then be next. The near term importance of the support band $1937/$1940 is growing now too.
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