Since March it looks like a bit of a wedge or pennant forming in gold & yes Moosie lower highs, however shallow lows or even flat to slightly upward sloping. This will eventually cause a breakout sooner rather than later & as the range is now getting quite tight. Gold imo if it was going to break & re-test the $1180 lows then it should have done so last week, instead it bounced. Potentially there is now a double bottom locked in at $1280, $100 higher than the lows & previous double bottom. We could retest that again & soon, however it should now act as reasonable support & being the 3rd attempt it should either confirm the level as a higher bottom or smash through it. Generally the outcome is pretty black & white on the 3rd attempt in my experience.
Equities up, gold basically unchanged & surprisingly even the Russian index was up the 1st day of trading post the expansion of sanctions. I notice that Merkel & Putin are looking to meet to discuss European gas prices, so Putin's own financial stick will come to bear on European energy prices & in turn I'm sure be telling Europe to apply pressure on the US in regards its sanctions. As mentioned before its fine for the US to apply sanctions, as its not them that will suffer the economic hit. I suspect we won't see gold under $1300 for long & I still hold my target for $1320 later in the week. Cheers Daytr