Gold Technical Analysis – Gold markets initially trying to rally during the course of the session for Friday, but turned right back around to form a bit of a shooting star. We are still well within the hammer from the Thursday session though, and if we can get a move above the $1260 level, the market should continue to grind its way higher. We don’t have any interest whatsoever in selling this market, as there seems to be a lot of noise all the way down to the $1200 handle. Ultimately, we are simply waiting for an opportunity to go long.
Gold spot Intraday: under pressure.
Most Likely Scenario: short positions below 1261.50 with targets @ 1244.00 & 1237.00 in extension.
Alternative scenario: above 1261.50 look for further upside with 1269.00 & 1276.00 as targets.
Comment: the RSI lacks upward momentum.
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