A technical view of Gold using new weekly pivots. Remember the correspondence between Gold and the US Dollar. As per my post on the Dollar Index, both bulls and bears currently have their monthly targets in play though we fundamentally favor a weak Dollar and the trend on the Dollar is bearish (until that double bottom on Dxy produces a higher high), which means we could see a move higher in Gold despite the possible double top at MM3 which we were looking at last week. Either way – bears sell at resistance and bulls buy at support. Below are the bullish and bearish prices with targets as per this week’s pivot points.
Up next Dollar and Yen pairs.