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Gold gains lacking but intact
The uptrend off the December lows is intact, although gains above $1240 have been lacking over the past two weeks. The next resistance areas to watch are $1246 and then $1261, with the latter being the 200-day simple moving average (SMA).
The rally over the final two days of last week carried the price back to $1245, but could not break higher. We have seen the price retreat to $1232 and the 200-hour SMA, so if this holds a new bounce may be in the offing.
Bears will want to see the price move below $1230 but it will need a definitive close blow $1220 or even $1215 to really sound the death knell of this uptrend.
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