A check on the weekly chart for gold which has been both blessed and cursed by the hand of geopolitical events, and what is given with one hand, is then taken by the other. Such has been the fate for the precious metal, with silver following as gold rushed through the $1600 per ounce level, only to close back near the open of the week at $1560.10 per ounce and an ominous signal. The price candle alone signals weakness but when associated with the accompanying volume which is ultra high, the very least we can expect is a pullback to a lower leve. And the most likely of these is the volume point of control which is anchored in the $1520 per ounce level.
By Anna Coulling
Charts from NinjaTrader and indicators from Quantum Trading
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