From this closer point of view, we see that the Stochastic Oscillator slipped to its lowest level since Mar.18 (just like the CCI), which suggests that we could see a similar rebound in the coming day(s). If this is the case, and the bulls use the above-mentioned technical developments to their advantage, we could see even a re-test of the barrier of $2,200 once again.

Summing up, although gold bulls failed to hold the price above the barrier of $2,200, the lower volume that accompanied Friday’s session, today’s green supportive gap, and the current situation in the USD Index suggest that another upswing may be just around the corner.

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