Gold Posts Bullish Outside Week

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Technical Trading: Gold Posts Bullish Outside Week, Minor Low Forming?

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kaka1000

Gold continues to sputter around the $1,240 resistance level, looking for a catalyst to push the next range of $1,258-$1,276. The market created some fun yesterday, albeit only for a minute, as a large sell order swept $30 of the gold price. The metal was easily absorbed, which may give the shorts some pause. Although the market snapped back, momentum must show itself on the side of the bulls to prevent a lower drift into the employment numbers Friday. Rhodium is worth watching, as the metal has posted a 10% rise in a few trading sessions. The expected shortage of rhodium in 2014, added to a generally recovering global economy, may make this the best performer for the year.