Richard Perry
Independent Analyst
An incredibly big swing on the day yesterday saw gold propelled higher through the key medium term resistance at $1240.60. I have been saying that there would need to be a closing break above $1240.60 to confirm a breach of the resistance, however last night gold closed (on my Reuters chart) at $1240.57, incredibly basically bang on the resistance! I still want to see a close above the resistance to confirm that the rebound can breach key levels and suggest further upside towards $1260 and the next key overhead level at $1280. There has been a slight consolidation overnight and this has left minor resistance now at $1245.70 just below the spike high at $1249.30 yesterday. A breach of the near term support at $1237 could start a drift lower to unwind some of the exuberant rally. The support is now at the reaction low from yesterday at $1221.70.
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