it has formed a bullish candle that wiped off the previous resistance of 1527 after 3 days of struggle.
However, when I zoom into 30 mins chart, a divergence has happened, yes, I'm bearish on Gold.
If the resistance level of 1538 can hold, then we shall see gold continue its correction to current support 1515, support 1505 and target 1465.
I have a short position in Gold at 1532 and if the market triggered my SL, then I will just forget about catching the short, as we are coming close to the end of QE2, there are simply too many news, rumours and fundamentals that might affect the market!
I mentioned my Annual Target for Gold here: Gold on 21-Mar-2011
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