Gold bears want to see a close below $1,418 Monday.
Gold sold off on Friday, reaching the lowest level since April 24 ahead of May options expiration. All week, gold was hitting a wall just below $1,480, and after reaching stops below $1,455, it picked up momentum to the downside and broke the major $1,437.50 support level.
The low on Friday was $1,418.50; however, the market found support against a trend line and was able to rally into the close. Gold reached $1,436.60 upon the floor close, and surprisingly reached the major $1,447 pivot level upon the electronic close, putting shorts on edge as the market failed to follow through.