Gold has formed a bearish candle on weekly chart after 4 days of plunge. Finally on Friday, Gold manage to maintain above 1462 and close at 1496.78 with a beautiful gain of +21 pts.
Current support 1475.
Next Resistance 1522.
Day Range = 30 pts
Daily Chart - Formed Reversal Candlestick Pattern.
4 Hour Chart - Reversal Pattern formed with a confirmation. Long shadow.
30 Mins Chart - consolidation with price capped below 1500.
Suspect the short term consolidation to continue on Monday, I prefer to Long at 1483 with SL at current support 1475-77. Riding for a breakout (1500) with Target exit 1531.
Related: Gold on 6-May-2011
Gold will plunge to 1444 prior to upswing to 1480-1491 level.
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