Gold has found support at the $1,410 level as we pointed out would happen yesterday. This area looks very supportive, and signals that we may be ready to run back up to the $1,440 level. However, if you do buy gold at this level, you may want to take a little bit off of the table when we reach the highs as they look like they could be rather resistant.
Any breaks below the $1,410 level will certainly find support at the $1,400 level, and will struggle to make any serious headway. Because of this, shorting gold isn’t suggested.
