Sunday, July 10, 2011

Gold on Mon 11-Jul-2011

Wow, Gold had a strong rally last week, weekly gain of 57 dollar???

From 30 mins chart, a nice inner wave up has successfully brought Gold to 1538; it is going to bring it on to 1548. 1548 = coincide with 80% Fibonacci retracement level from the last peak 1558.89 on 22-Jun-2011.

It may even gain strength to challenge double top 1558.

Unless the bull breaks 1558.89, for the weekly outlook, I am hunting for short.

If you observe the daily chart, Gold has consistently gone up for the last 5 days; I suspect his week to be a consolidation between 1558 – 1518.

1 comment:

  1. Long XAU/USD @ 1534.5 SL 1529.3 ($5), TG 1547.3 ($13)