Gold has rejected our 1832 level from yesterday, but it did make quite a run for this level, falling just short of it. Gold futures have found support at 1815, which is a technical level which aligns with the nested Fibonacci levels. Our Elliott Wave analysis suggests that there could be one more run left in the tank. if we are wrong, it could retest lows around the 1800’s or even the upper 1700 handle.
The Kovach OBV has been very strong but appears to have leveled off for now. The Kovach Chande has pulled back, confirming that current levels may be a great entry opportunity. If so, keep a tight stop, because there is a vacuum zone down to 1804.