Gold has rebounded and now has set a low to stand as a benchmark to determine whether the uptrend stays intact. Prior to this reaction, prices could have fallen all the way back to 108 and technically still been in an uptrend. Now risk can be managed for buyers buy putting in a stop just under the low made at 112 as opposed to a stop under 108. This is why often a strongly trending bull market will find buying pressure off a reaction low following a big price move. It offers an opportunity for those who missed the initial move. support comes in at 112, then a broad zone within the green box provides support between 109.50 and 110.50. If 114.13 is taken out, very little remains between there and the all time high around 125.
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