Gold remains quietly bid, and will do as long as the weekly trendline holds..There is likely to be a top fairly soon, but as the weekly charts are so long term we should not expect it yet.. We would advise therefore buying into any short term weakness and 1771/70 offers this protection from the daily charts.

Hold longs on dips to here, and only reverse out of longs if we break below 1766. A loss of 1766 sees further weakness ensue with 1758 then targeted. This area offers support from the weekly charts therefore we are strong buyers on any weakness to here...We would hold longs then unless a close is posted below here.

Resistance remains 1776/78. Now we can break this barrier for 1785 then 1792. We would cover longs to here. Re-instate longs above 1795 as we would then have a clear run at resistance located at 1803.

 

The article was first published by CharmerCharts