With Equity Markets Circling All-Time Highs, Gold Reacts To the Upside

For whatever reason, Spot Gold is up $14, or +1.4% off of its overnight low at $1291.37.

It is approaching a test of its nearest-term Apr-May resistance line, now at $1310.25, which if hurdled, should trigger upside continuation that also climbs above the May high at $1315.96.

If that happens, the near-term Gold chart will start to look very interesting (bottom-like).

As for the e-SPM, only a press through key near-term support between 1892 and 1882.50 will compromise the ongoing upleg off of the April 2013 low at 1803.25 that has its next target at 1904/07.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!