Gold Traders Await Direction
Prepared by Jamie Saettele, CMT
Gold has returned to its range but support comes in from the trendline that extends off of the 4/4 and 4/23 lows at about 1630. Last week’s hold above the 4/4 low suggests that gold has been forming a bullish base since mid-March. Exceeding the April high would put bulls in control towards the trendline above 1700 (that line extends off of the September 2011 and February 2012 highs).