The previous update on gold noted a bearish bias in the short-term with evidence that the market was respecting the “central pivot” (at about 1666.50)as resistance. The RSI showed down side momentum as well, that is until the market rebounded from 1628.10 and came back above the 1666.50  pivot, pushing the RSI reading above 70. This shelves the bearish outlook, and establishes a range around the central pivot, we’ll call central pivot zone. At the moment support is 1628.00/10 area. Resistance is 1704.50/60 area. Look for a break from this zone to clue you in on what direction the market wants to take ... (full story)