May 7, 2013

GOLD - Long Shadow of the weekly candle

  • The long shadow of the weekly candlestick formed when gold fell to 1321 is so far giving good support for Gold. The consolidation in weekly chart after the fall and bounce is happening above the tail of the candle.
  • So for Bulls of hold its important to stay above 200 Week SMA and 1404. Price falling below 1404 means price moving towards the lows again which will weaken this weekly candle with long shadow.

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