Gold

dl.dropboxusercontent.com/u/7238706/Gold%20Ounce%20USD.png

Amazing how the fibs and trend lines coincide

Well, 1300 did it's job of holding off the bulls today.

The bears sure had their fun to 1270.

Hoping the uptrend line around 1266 holds and we get another test to try and break above 1300 in the coming sessions. No doubt some more spikes like today will happen again tomorrow.

(Still long from 1244 and 1270)

Looking good for a test on 1300, Dollar weakening.

Next few sessions are key for Gold:

"Bernanke's testimony on the economy to a House panel on Wednesday and a Senate committee on Thursday will be closely watched for fresh clues on the outlook for monetary policy"

Hoping the price action is explosive. (to the upside)

p.s. The weekly RSI is looking quite nice and dandy.

Was getting a bit hairy for Gold until the US Retail Sales figures for June just got released.

Actual = 0.4%
Consensus = 0.8%
Previous = 0.5%

Fed kind of already gave a hint's to the market regarding tapering and prolonging the stimulus.

0.4% is thus supportive of their intentions.

Trickle tickle to market, then digest, Gold get's it's shine back, then boom. 1487.

We all seem to agree on $1320 being important but there's also the $1337.9 level and the 61.8% Fib as backup so my short stops will be just above that:



dl.dropboxusercontent.com/u/20815047/FTS...olddaily14_07_13.gif

I noticed a recent pattern in Gold..

July = Goes Bullish

September = Goes Bearish.

It looks to me like a weekly RSI breakout is occurring atm and it's July...

so, if this plays out like previously then I'd like to see a move up towards 50% fib + major downtrend resistance which peaks in September 1487 before then making it's way back towards new lows...

Going to be interesting to see what kind of price action we get around 1320.