Gold struggles as we hit the 2011/2012 lows.

Gold ran into key resistance yesterday as we hit the 1535 level (as we have been expecting). This level is significant as it is the 2011/2012 lows. This will be significant resistance moving forward. Considering how overbought the weekly chart is on the RSI (not pictured) and how divergent the daily chart is, the risk is for a consolidation. Moves back to the 1450 level are probably going to find buyers near term.

Gold at key resistance

Blake Morrow