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#Gold – Hit MAJOR resistance! Outside week price bar as investors booking some profits

1. Gold Weekly EW count

We presented this count in July when Gold was trading in the mid-1300s, it has hit our minimum price expectations. The $1560-$1500 resistance zone was always going to be a BIG hurdle for Gold’s continued upside, thus we are not surprised that we have seen profit-taking in the yellow metal for the past 2 weeks.




2. We are marking $1500-$1485 as key support for Gold, consecutive daily closes below $1485 could see a larger pullback to $1400-$1375. Keep an eye on the SPX and VIX.


3. Gold running away too ‘far’ from its mean thus making it a candidate for mean reversion

4. Gold COT data reveals extreme Commercial short position, which usually leads to a reversal.