Not surprisingly the price was rejected at the weekly Bollinger Band so as to begin the correction of the rally that took Gold from 1680 through 1914 in less than a month.
Intraday support comes @ USD 1855 and @ 1820, there is an additional support in the monthly chart @ USD 1790.
For now the market broke the uptrend and the scenario became a "sell on rallies strategy" unless it gets a daily close above USD 1900.
As I mentioned yesterday USD 1917 was the level of resistance in 2012 and in fact the price went up to USD 1916.97 just to be rejected, I expected the level to be broken but the truth being said the technical picture in the weekly chart did not look very good as the Bollinger Band was sitting @USD 1914. I managed to raise the SL to breakeven in my position so that no damage has been caused.
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