The Gold Price is Trapped Between $1,640 and $1,665 One Way or Another this will Break This Week

The Gold price shuffled down $3.60 to $1,655.50 last week closing. Now that doesn't look like much of a performance, but the sellers attacked about the time New York opened on last Friday and drove gold clean down to $1,640. But gold climbed right back to $1,664.70, leaving a clean V-reversal behind. Problem remains that gold did not exceed last Thursday high at $1,665.60 and indeed gave a little ground.

Thus $1,640 shapes up as strong support, but $1,665 as tough resistance, and like that little steel sphere in a pinball machine, gold seems trapped. One way or the other this will break this week.

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