Gold

Was getting a bit hairy for Gold until the US Retail Sales figures for June just got released.

Actual = 0.4%
Consensus = 0.8%
Previous = 0.5%

Fed kind of already gave a hint's to the market regarding tapering and prolonging the stimulus.

0.4% is thus supportive of their intentions.

Trickle tickle to market, then digest, Gold get's it's shine back, then boom. 1487.

Looking good for a test on 1300, Dollar weakening.

Next few sessions are key for Gold:

"Bernanke's testimony on the economy to a House panel on Wednesday and a Senate committee on Thursday will be closely watched for fresh clues on the outlook for monetary policy"

Hoping the price action is explosive. (to the upside)

p.s. The weekly RSI is looking quite nice and dandy.

Well, 1300 did it's job of holding off the bulls today.

The bears sure had their fun to 1270.

Hoping the uptrend line around 1266 holds and we get another test to try and break above 1300 in the coming sessions. No doubt some more spikes like today will happen again tomorrow.

(Still long from 1244 and 1270)

dl.dropboxusercontent.com/u/7238706/Gold%20Ounce%20USD.png

Amazing how the fibs and trend lines coincide

Diver, thanks.

I see that the RSI is still above the trend line which is still positive..

I'd like to see the bulls take it above that 1295 level again and hold it on a closing basis, shame they couldn't push it higher today.

I guess the price action ahead all rests with Bernanke's comments tomorrow.

Any views on the possible forthcoming price action after today?

The crystal ball is a bit foggy but I wouldn't be surprised to see this back to 1254-1243 before heading up once again but don't hold me to it. This is just my view from looking at the chart and not based on any fundies