GOLD COMEX SETTLED $ 1816.60 LAST FRIDAY
The Friday close is the very first daily close above a 3-month resistance!
So gold looks like now a higher high mode till $ 1872 the "Yearly" resistance on the monthly chart, has been re-visited in coming weeks. Even the for weeks compared to gold underperforming, Silver managed to closed above its currently most important resistance $ 23.80-$ 24.
Therefore we should now trust in gold and should long its until $ 1872 is in striking distance. Also we should be aware that gold was slowed down into week close by the well-known and the for years ruling $ 1822 Main resistance.
By identifying this we have a big big bull signal and trade any daily closing above $ 1822 within the days coming, would be strong BULL SIGNAL. So one should add gold longs for the main target $ 1872 if it is able to close above $ 1823 to $ 1825 or so within days.
For the now $ 1822 is again nearest strong resistance, we don't now when the exactly $ 1822 overcome a daily closing basis. In such a pull back case gold easily should re-test the somehow important......
Stay tuned......
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Rahul Kumar
Bullion Expert (HSBC)
