BUZZ-Gold could shine more brightly but some concerns

* Gold rose $615/oz between Oct and May reaching a record high at $2449.89 * Since reaching record high gold mainly trading above $2300 * This elevated consolidation pattern suggests uptrend will be resumed * Strong support lies at base daily cloud $2255 and 100-DMA around $2235 * Bulls need to see close above $2350 - over 21/55-DMAs and cloud top * The worry for gold bugs is recent 21-DMA fall below 55-DMA - sell signal * Specs have added to longs during period gold consolidating - buying high * Rises for funding currencies may push cash toward safer gold * <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Gold and spec positions https://tmsnrt.rs/4b8TmiG ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Jeremy Boulton is a Reuters market analyst. The views expressed are his own) (([email protected]))