Gold Must Close Above $1,257 To Give Bulls The Upper Hand
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Gold is higher this morning and testing first support at 1233.9-1236. Criticism of the White House and Trump has put pressure on the Dollar into this morning and been supportive to Gold. We have Building Permits and Housing Starts due at 7:30 am CT and Industrial Production to follow at 8:15. Trend line resistance comes in at 1246-1248 and as we spoke of yesterday, we expect this level to converge with the 200 day moving average that comes in at 1257.3 later this week; the bulls must achieve a close out above here in order to begin to regain the upper hand. The bears look to keep price action depressed below the 100 dma at 1229.
Resistance – 1233.9-1236**, 1246-1248**, 1255.9-1257.3***, 1265.7**
Pivot – 1229
Support – 1213.6-1214.3**, 1193.8-1198****