Thursday, June 16, 2011

Gold Hanging in There, But 1540 Should be Strong Resistance. 7:50PM CST 6/16

(Chart 1 - Daily Gold)

I thought once we got under 1524 we would stay under it. This wasn't the case, and I lightened up my gold shorts.

I am now seeing gold trapped in this macro pennant bounded by the upper magenta line and lower light blue line.

1543 is strong resistance (weak 7/8 MML line).
The top of the pennant is near here as well at this time.
I think any thrusts into 1540-1545 can be sold for a move down to 1523 and eventually to 1504

1 comment:

  1. added to gold shorts on that 8:45 spike into 1540