Gold Breaks Down

Gold has retreated from highs in the mid 1800's to support at 1836. This was a level we had been identifying for the past few reports. We are starting to see two green triangles forming confirming support. Gold had held the range between 1851 and 1876 for the past few days, and a breakout either way was imminent. The Kovach OBV has turned bearish, which was a good indication that a breakdown to lower levels was in order. We should see good support at 1836, but then 1826 and 1815 will provide support if this breaks. 1851 should provide strong resistance, if gold catches a bid.