What Resistance Lies Ahead For Gold?

21 April 2011

The Commodity Specialist view -

WEEKLY CONTINUATION CHART: The current upleg, off support from the old wedge top, looks to be heading for the 1550/55 area, the bull channel top projection and 2.618 swing target off prior 2008 downmove. We'll be on the lookout for resistance here.

DAILY CHART JUN-11:

After a pause at the Dec high the bull move has resumed, now closing in on the 1.618 swing projection off prior Dec/Jan pullback, at 1515.

This plus levels on the Weekly chart warns against chasing the market here.

The 1436.70 Dec high offers first support, ahead of the 1382.40 15-Mar low.

Philip Allwright

Mark Sturdy

Seven Days Ahead

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