Gold up $6 today

Gold posted a rough outside bearish reversal yesterday in a fall to $1304 after jumping to $1318 early in the day.

That looked to be a warning sign that the uptrend was over but worries about growth today after soft retail sales and negative trade war headlines breathed life back into gold. It's up $6.50 to $1313 after bouncing from last week's low.

The rebound underscores support in the $1302-$1298 range. It also highlights the lack of movement since the end of January.

Gold chart

Last year gold also peaked in January but then it shopped sideways for the better-part of three months until a second try at the Jan high of $1366 fell just short. From there it was a long slide down to $1160 in August.