December 7, 2020 - Gold made it over the resistance level of $1837 on Friday - but only just - and now has started to move lower at the beginning of the week. The $1837 marker was our first bullish challenge, and while it looked like we were building strength, the close was a muted affair. No real follow through, and the scalpers sold the market off. Technical we made the first hurdle, but in 'spirit' it was weak. So, our second challenge, and a much more important one - to take on the support level of $1850, was out of the question. That level was the bane of Bulls for some six weeks - and remains a primary impediment to them.

The slingshot that we thought might be developing is fading, unless Gold moves higher quickly. Importantly, we also now see the development of a rising resistance (black) line, which will act as a barrier to a Gold advance. As we zoom out, we can clearly see its development - which Friday's high has now confirmed.

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Gold is being challenged and needs to get a move on. Otherwise, we could be in for more choppiness as well as lower price action.