Gold at a Key Technical Level : Will It Hold or Will it Fold

is out with a technical look at gold this morning, noting that gold has been a bright spot in the commodity space of late, rallying 6 percent over the past two weeks. In the note, Delta Derivatives points out both the gold futures and SPDR Gold ETF

have broken just slightly above a key resistance level, 1140 on the gold futures and 110 on GLD. In the note, Delta Derivatives goes on to highlight some key takeaways: -While gold has rallied impressively in the past 10 trading days, it is now getting short term overbought on an RSI basis -Overhead resistance at the 1180 on gold futures (112 on GLD) -Gold broke above the 50 day moving average at 1137.20, which also coincides with the technical support level at 1140 -Overnight, gold futures rallied up to 1167.90, but now have fallen to trade lower at 1151.00, signalling that a period of consolidation may be in the offing. Currently, gold futures are trading at 1152.00, down just slightly from yesterday's close.