Next Resistance in Gold
28 July 2011
WEEKLY CHART -CONTINUATION
The bull move temporarily halted near our earlier Fibo projection, which has now been breached.
Not much overhead lies the next projection at 1635.
DAILY CHART -Aug-11:
Following violation of the 1577.70 early May high the market has kept firm and upside focus is currently on a) the rising resistance line near 1650.00 (1655.00 in Dec), and then b) a bull channel top projection at 1672 (1675 in Dec). Resistance would not be a surprise in this area.
Below the old 1577.70 high note the s/term falling resistance/return line at 1545.00 offering support on a future dip.
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