Gold elected some major stops below the 1188 area last week as we can see in this Daily chart. The 1188 level was a key downside retracement extension price objective with stops lined up below.
The 1182 area is very important technically. In this Monthly chart, we can see the formation of a possible Triple Bottom.
When we look at a Monthly chart of GLD (the ETF) we see that 113.44 is a very important level where physical buying of (scarce) gold metal might be taking place and we can begin to understand why the Spot Gold market may be holding the 1182 level.
In the following Weekly chart of Spot Gold, we can see last week's Weekly Close and this week's Weekly Low have been above the 1221.17 level and this is constructive.
Upside price targets include 1244.85, 1263.98, and 1283.11.
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