Tuesday, May 21, 2013

Gold on the move

Gold posted a remarkable reversal yesterday, which is rippling upwards through the longer and longer timeframes.

Gold 2013-05-21

1400 is capping the move for now with the daily cloud coming into play. If you take a look at the 60 minute chart, you notice the hesitation at the 1382 level, a resistance formed last week. Expect further resistance at 1414, 1425, 1440 and 1468. To enter on the long side I will use the support levels forming on the 15 and 30 minute, right now at 1389 and 1380.