04th APR - Gold Pullback Struggling To Find Support
04 April 2012
MONTHLY CHART - CONTINUATION
The earlier pullback tested the major 23.6% retracement at 1520.00. This remains the first significant support on the long term chart.
WEEKLY CHART – CONTINUATION:
The rising support line has kept intact but could again come under pressure soon. A breach would indicate momentum loss, and expose the 1442.00 38.2% retracement of the 2008/11 upmove.
DAILY CHART – Jun-12:
The drop back from the dual resistance area of the channel top and 61.8% recovery level recently found s/term support from the 61.8% pullback level . This has been eroded on Wed, turning immediate focus towards the 1591.50 76.4% level next.
The interest is currently as much in the long term charts – note that the late Dec-11 1528.60 low here, and slightly lower channel base at 1510.00, coincide nicely with the major 23.6% level (above). A breach of this area would be a fresh negative signal.
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