Does Gold's Current Weakness Mean the Rally is Over?.....Here's Fridays Numbers

Gold was lower due to profit taking overnight but remains above the 20 day moving average crossing at 1190.00. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If October extends the rally off last week's low, the reaction high crossing at 1220.80 is the next upside target. Closes below the 10 day moving average crossing at 1181.50 would temper the friendly outlook.

First resistance is Wednesday's high crossing at 1203.90
Second resistance is the reaction high crossing at 1220.80

Friday's pivot point for gold is 1197.30

First support is the 10 day moving average crossing at 1181.50
Second support is last Wednesday's low crossing at 1157.50

Smart Scan Chart Analysis is showing some near term weakness. However, this market remains in the confines of a longer term Uptrend with tight money management stops.
Based on a pre-defined weighted trend formula for chart analysis, GLD scored +75 on a scale from -100 (strong downtrend) to +100 (strong uptrend):

+10.....Last Hour Close Above 5 Hour Moving Average
+15.....New 3 Day High on Wednesday
+20.....Last Price Above 20 Day Moving Average
-25.....New 3 Week Low, Week Ending July 31st
+30.....New 3 Month High in June
+75.....Total Score

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