Gold technical analysis
Gold is up $17 to $1225 in the largest gain in a week.
After rallying for 10 straight days, culminating in a blow-off to $1263 last Thursday, gold retraced in a textbook technical correction.
It found support almost directly at the October low of $1191.
The fresh buying signal today comes from the break of $1217, which was Tuesday's high. That indicates the retracement and consolidation phase is complete. It might be a choppy trip higher but I suspect we will get a retest of $1263 or more.
What's especially impressive to me is that the broader environment today doesn't scream 'buy gold' like it did last week when risk assets were getting beaten up.
