{video} Gold is set to end the week in a strong position and at a new short-term trend high. This follows a drop earlier in the session and test of support at the 8-Day MA. Price was subsequently rejected to the upside as buyers took back control and drove the price of gold up through the consolidation range from the past couple of days to a new 11-day high. Resistance stopped the ascent at 2,041, at the time of this writing. {chart} A reversal of an initial selloff to a three-day low in one day is generally bullish and it can be expected to lead to a continuation of the advance. Today’s rally, and likely weekly ... (full story)