Tuesday, May 22, 2012
Gold has been in a precipitous drop for the last 2 weeks. There is a very strong support/resistance zone @ $1550 that is currently holding. The weekly candle bar has closed as a PinBar rejection which is indicating a possible bullish move setting up for this week. It looks like there is a possibility of the $1620 resistance zone being tested this week, also a "head and shoulders" formation on the four hour charts that is confirming an upward bias for this trading week. I have provided the four hour and weekly technical charts bellow. Enjoy!
Posted by Razor at 7:49 AM