The handle on gold has been difficult lately, with it taking a hard dive from resistance and then almost immediately firming up. The thinking was after the September 7 spill that we would see more follow through to the downside.
With gold firming up and turning higher, the outlook has become less clear. It is currently trading around the 200-day moving average, which hasn’t been a reliable level to work with. If gold can stay above 1780, the outlook is neutral at worst.
