Gold finally had the big bearish day on Thursday that was signaled as eminent form Monday’s shooting star. The $1,440 area is proving to be a massive resistance area. However, it should be noted that $1,400 held as support as we expected. This chart now looks like it wants to bounce around between $1,400 and $1,440. Any move above would be very bullish, while any break below the $1,400 would signal further selling.
With Saudi Arabia’s “Day of Rage” planned for Friday, any large amounts of violence could send prices soaring. Otherwise, the odds are for consolidation over the next several days.
