May 18, 2012

Gold bounce from support level

  • Hour charts have moved above 200 Hour SMA which is good for gold bulls.
  • Second chart shows price with fibonacci resistance levels for the fall from 1671 to 1526 levels.
  • Last chart is the most crucial one. Gold week looks like it will give another weekly candle with long shadow from the support zone of 1522 - 1532. If weekly candle closes like this or higher it should favor bulls of gold for the coming week for a rally towards the falling resistance line shown in the last chart.

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