08th Nov - Gold Now in Correction Mode
08 November 2012
MONTHLY CHART - CONTINUATION
The major 23.6% retracement has already provided support. It is not threatened just yet.
DAILY CHART – Dec-12:
The fall back from the earlier key resistance area (falling resistance line, 1782 61.8% level and 1800.90 Feb high) recently breached 38.2% pullback support. Despite the subsequent rebound this suggests loss of upward momentum and delays any future break higher.
Further shorter term weakness seems likely, and next downside focus is on the 1636.00 61.8% retracement area, coinciding with the congestion top from the summer.
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