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Gold Holding Up


Under the circumstances, spot gold is holding up very well amdist a stronger USD and declining equity and commodity markets. Yes, it is a risk-off day, but so far gold has preserved its dominant near-term support lines and levels, which suggests that any lull or reversal in the selling pressure, should work to the advantage of the relative technical "health" of gold.

As long as gold holds $1663.50, it should be considered in a very healthy intraday condition. Only a break down beneath $1663.50, and continuation that presses below $1650- $1646.50, will inflict meaningful damage to the otherwise relatively healthy chart pattern.

Meanwhile, let's notice that EUR/USD is bearing down on key support (USD resistance) at 1.3080 to 1.3010/20.  This must contain the selling pressure to avert a plunge towards 1.2960/40, which almost certainly will negatively impact gold prices and the SPDR Gold Shares ETF (GLD).

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