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Gold – The Week of 8-19

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NYGFOR-D 8-21-2013

Gold is still poised to press a touch higher. Monday and Tuesday were daily directional changes and we achieved a high on Monday with a test of support yesterday. The next directional change is targeted for Friday where we may see the high for the week.

Technical resistance by Friday stands at 1432.55. The Daily Bullish Reversals are at 1388.50 and 1413.30 on spot. The major resistance on the weekly level stands at 1421-1425. There is a big gap after that up to 1612. Therefore, the 1421-1425 area is the key resistance and we need a weekly closing above that for gold to get anything going on the upside.

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Given that the gold stocks and mining stocks are at major lows, we will be looking in the near future of issuing a special report for this sector.