We have posted today’s Gold comment below. In European trade we have seen a hold of our key support level of 1486.9-1487.7, so the trendline is holding firm, suggesting this is a buying opportunity. We now need to see 1500 taken out…

Today’s comment, sent to our clients at 07.30am (UK time):

Gold struggled with $1500 yesterday, pretty much all day, and this psychological barrier is clearly causing some bother as we try and rally off of trend support, a line that moves up to 1486.9 today, not far away from yesterday’s 1487.7 low (set in the European morning session).

So it’s a tug of war in the short term, but a well defined battle, which makes our job pretty easy.

•Scenario 1: Break 1500, see a reaction through 1508.6 to retest 1526.5.

•Scenario 2: Break below 1486.9, gun for 1462.5. We would turn bearish if the latter broke and look for 1416 next.

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