Spot Gold : (XAUUSD)
Looking a tad risky for the near term, Gold has initial support at 1422-1423 and resistance at 1430
• Gold had a mixed week as forecast and closed at 1427. There should be a period of consolidation this week, with Gold ranging between support at 1398.50 and resistance at 1447.60.
• However, should the support at 1398.50 be taken out early in the week, then Gold may confirm the double top pattern and pull back to test 1380 or so.
• With the US Dollar not exactly looking very strong, Gold and Silver may find support sooner than many would like, with recent history delivering pain to all who try to short the precious metals for anything more than a few hours at a time.