26th Jun - Gold Testing Long Term 38.2% Level
26 June 2013
MONTHLY CHART – CONTINUATION:
Earlier breach of the 23.6% retracement support has now led to a test of the 1278.00 38.2% level. Could further support be found around here?
DAILY CHART – Aug-13:
Note first how the falling return line proved effective resistance in early May. Fresh weakness has seen violation of the 1323.00 16-Apr low. On this chart note a Fibo projection around 1220.00, but also keep in mind the long term 38.2% level on the Weekly chart. We currently wait for evidence of bear fatigue.
Initial resistance here comes from the 1323.00 low and s/term rising return line at 1355.00 just now.
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