Sunday, May 22, 2011

Gold on Monday 23-May-2011

Last week Gold was trading at a triangle / flag consolidation and therefore we were picking long at bottom 1470-80 region however, didn't manage to get our entry.
Last Friday Gold has shown some strength upon the Euro-Zone debt crisis, and were trading above 1510 resistance at close near high at 1513, highest 1516.

This bullish strength might resume this week. Observe resistance at 1525, in which can pressure Gold to test support 1485 again, once broken, strong support at 1440.

Yes, I am still slightly bearish on Gold :)

I mentioned that my Annual Target for Gold, Related Post here: Gold on 21-Mar-2011
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