Tuesday, May 24, 2011

Gold's Recent Bounce To Be Tested? 5/24 7:28AM CST

It looks like the 1535-1545 level will provide good resistance to this recent rally. I thought the bullish channel break to the downside on May 17 was confirmation of May 2nd being the near term high. With us back in the channel now and above the bearish one (magenta) I think we get to 1525-1545. From there I think if we get higher, we make new yearly highs. If it stalls, I think 1500 or just above becomes the key support yet again.

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