Monday, May 14, 2012

Gold ~ Update ~ 14 May 2012

As you could see in my last gold chart there was no support below 1620 until 1540-60.

On Tuesday gold broke the support at 1620 and is now, less than a week later, already at the support area at 1540-60:

As you can see in the chart above the support around 1550 is very strong. I think we could see a bounce similar to late 2011. The first target for a bounce is the resistance at 1620.