(Kitco Commentary) - It's likely no surprise to regular readers of Kitco.com that gold is finding resistance just above $4400. The daily chart below is an update to the exact same one I presented in my last analysis.
I had also noted I would be closely observing daily momentum and price correlation with the expectation that momentum would stay overbought as price rose. As of today, momentum is stuck in overbought territory and actually looks to be turning back up again, with price having found minor support at $4320 on Friday of last week.
Should price continue upward, bulls can look forward to resistance around $4575. On the opposite side, of what I think is a 50/50 coinflip from here, lies a pullback with firmer support around $4250. Should the pullback scenario occur, I will be observing momentum for signs that it will turn back up from any oversold condition, quickly.
The weekly chart - shown below - looks like there's plenty of room overhead, driving my belief that entering on dips is still a prudent approach. Whether bulls will take the price all the way to $4900 on this run, and what happens from there, remains to be seen.
Good luck,
