Gold Analysis – Gold markets rose during the day on Friday, but as you can see we are still well below the bottom of the shooting star from the Thursday session. With this being the case, the market looks as if the buyers are in control, but we do have quite a bit of resistance above. With this being the case, it’s likely that we will have pullbacks from time to time as we try to build up strength. If we do manage break above the top of the shooting star from the Thursday session, that would be an extraordinarily bullish sign.
Gold spot Intraday: the downside prevails.
Most Likely Scenario: short positions below 1297.00 with targets @ 1272.00 & 1264.50 in extension.
Alternative scenario: above 1297.00 look for further upside with 1308.00 & 1315.00 as targets.
Comment: technically the RSI is below its neutrality area at 50.
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