Gold Establishes a Range
We have seen a lot of volatility in gold this month. It fell from $1917 down to support at $1851, from which we saw a pivot and subsequent run back to $1917. however, momentum petered out at $1905, the level below and we retraced almost the entire range. We are currently seeing suport at $1865, confirmed by a green triangle on the KRI. The Kovach OBV has oscillated with the volatility and seems to be bottoming out at the moment. From here we should remain range bound between $1851 and and $1917, and perhaps volatility will consolidate further. Watch for gold to establish value between $1865 and $1895.
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