24th May - Weakness in Gold Threatens Key Supports
24 May 2012
MONTHLY CHART - CONTINUATION
The major 23.6% retracement is coming under pressure again. A violation of this would open the way to the lower 1278.00 38.2% level next.
WEEKLY CHART - CONTINUATION
The rising support line has finally been violated. This turns focus to lower support at the 1442.00 38.2% level of the 2008/2011 upmove.
DAILY CHART – Jun-12:
Recent weakness saw a test of the late Dec-11 low, where s/term support emerged. This plus the channel base just above 1500.00 provides key support.
A break of this would call for lower targets, with interest then being as much in the longer term charts.
Resistance is offered by the nearby 1613.00 04-Apr low ahead of the 1672.30 01-May high.
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