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Offer extended through Friday (9/3).
Gold is trading almost exactly where it was a month ago, unable at the moment to push above an 1011.90 resistance on the hourly chart to create a bullish impulse leg, but just as incapable of probing minor targets to the downside. Indeed, Friday’s low at 987.00 “should have” occurred nearly $12 lower, at 975.60, and the fact that the futures never even got close suggests that sellers lack conviction. By week’s end, however, we should expect to see the pressure ease so that the futures can begin their ascent to a 1074 target we’ve been using for some time as a minimum upside objective.
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