Saturday, January 15, 2011

GOLD - Losing Momentum last weeks. Key Levels and Target

Gold remain sideways  last 8 weeks. Beas remain bullish long and medium term but short-term i´ll follow bearish view because gold losing momentum last weeks and remain unable to close daily above 1387.50 and must important above 1424.80. 
Next weeks expect pullback target [1261,1294].
Last friday tested again trendline and key suport area [1354,1365]
RSI indicator alert good chances this swing low breakout
finally suport and trendline.
Potential bearish head shoulders if close below 1350 daily target 1290, but remeber for now hold suport area let see what comes next sessions.
Resistance: 1387.50, 1405.50 and range [1418.10,1424.80]
Suporte: area [1261,1294], area [1320,1331 and area [1354,1365].
Click to zoom in. Good Luck folks.
Can see last update EURUSD and GBPUSD

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