A pivot in sellers’ ...from Fellin

A pivot in sellers’ favor would require a conclusive break of rising trend support, now at 1.1246. That would pave the way for a challenge of Wedge top support-turned-resistance, but a true inspiration for follow-through will probably require taking out the support shelf in the 1.1107-16 area.

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With the G20 summit in Osaka, Japan, markets have started to seize up in anticipation of a potentially significant announcement coming out of the weekend. Gold volatility, as measured by the Cboe’s ETF, GVZ (which tracks the 1-month implied volatility of gold as derived from the GLD ETF option chain) has come down in recent days, pulling lower gold prices in the process.

Fellin