We saw the bounce off $1925 in gold we were anticipating (though admittedly not to the extent we were expecting). Resistance at $1936 smacked the price down to $1925 soon after. The fact that gold is not willing to retrace the range established by the channel spanning to $1965 or so is a sign of weakness in this product, and it looks like it may be starting to form a bear wedge pattern. Strength in the dollar and the selloff in safe havens won't help it either. The Kovach OBV is quite bearish suggesting $1925 will not hold. The next level of support is $1905, right around the psychologically important $1900 handle.
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