Tuesday, June 14, 2011

Gold to Continue Lower. 1524 Now Key Resistance. 7:02AM CST 6/14

(Chart 1 - Gold 60 min zoom)
(Chart 2 - Gold 60 min)
(Chart 3 - Gold daily)

Feels good to be right (especially to the day!)
Hope anyone who reads along shorted with me.
Enough gloating... on to the charts:

We are now under the midpoint of the daily bullish channel (light blue) governing gold.
We are also under 1524, which was good previous support.

I will look to add to my shorts in the 1520-1525 range for a move down to just north of 1500.
I like this because we are in a 60 minute bearish channel (magenta) and any move up in gold will bump into a confluence of the top of that channel and the 1524 level, which should attract selling.

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