July 4, 2012

GOLD Testing resistance line

  • Gold daily chart testing resistance line.
  • One hour chart is showing a bull flag kind of pattern which on breaking out may lead to a breakout of the resistance line of daily chart.
  • Price falling below 50 Hour SMA and the Hourly Ichimoku cloud may lead to correction in hourly chart which may affect the daily time frame as well. As price is testing an important resistance line weakness in Hour chart may lead to a bigger correction in Daily chart as well.

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