Base metals in sideways corrective mode: gold in weak intermediate uptrend: silver in moderate uptrend

摘要

GOLD is in a weak intermediate uptrend and is exhibiting rising minor tops and bottoms. It took a support at the 13,900 level and has been moving higher. Gold has a support at 14,150 and as long as it stays above this level, the uptrend continues. Below this level, gold will drift lower. On the upper side, gold has a resistance at the 16.076, but with the weekly momentum indicators in the sell mode, the slow drift in the current intermediate uptrend will continue. On the daily chart, the support is at 14,524 and a fall below this level will end the intermediate uptrend and will result in gold testing the lower support of 14,100.