Saturday, May 7, 2011

Gold on Mon 9-May-2011

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

1 comment:

  1. Gold will plunge to 1444 prior to upswing to 1480-1491 level.