Gold is at a two-week high at $1239 as trading winds down for the week.
Gold is getting support from technical buyers after it began to form a double bottom at $1180 as well as bulls who didn’t want to show gold holdings on year-end filings and people who sold gold for tax reasons before the turn of the calendar.
The main story could turn out to be the massive double bottom on the chart but it’s too early say. Yesterday’s break of the downtrend and the late-December highs cleared the way to the upside. Technically, it’s tough for the bears to find a place to sell at the moment, there is virtually no technical resistance until $1250-67 range.
Gold daily technical analysis
