Gold Bouncing from Oversold Territory

Gold has had a great start to the quarter, grinding through 1700 and now pushing against resistance. We saw Gold close right at 1734.7, and the 50-day moving average is right above at 1736.5, along with the gap from July 27th acting as overhead resistance. A main catalyst for this move was the pullback in the Dollar, and if we see continued weakness , Gold can push through this gap and look to test the 1750 level. If the Dollar can rally back toward its highs, then we will look to re-test new support near 1700-1705.