technically

Further to what Wink was saying earlier today, I'm not as convinced that gold looks weak enough to go back to the $700 to $650 range just yet. However, it is looking a bit challenged on the daily chart at the moment.

A test coming up in the $815-$820 area sometime in the next few days. If it can't hold that, it could easily decline to the $770's.



So far, momentum has shown hints of leveling out and RSI bounced off its meandering upward path, but MACD looks a bit nasty.

If it does happen to hold, the $860-$870 level would be critical to giving it yet another crack at breaking its primary downtrend, which would probably stand around $910-$920 by the time it got there.