As expected, the 1522-1530 range support provided a based for gold to recover after it fell sharply from around the central pivot of the range (the actual high was 1671.12). The concept of a range is that when the market is at resistance or support, and is extended in momentum, there is a tendency to return to the “fair price” , which can be interpreted as the middle or central pivot of the range. In this case, there is a central pivot around 1666.50.So far the bounce has pushed gold just under 1600 as we gear up for the 5/18 US trading session. There are resistance factor from 1600 up to 1615.86(61.8% retracement of ... (full story)