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Gold Meanders Towards Trendline Resistance above 1500

By DailyFX,  April 15, 2011, 07:29:51 AM EDT

Weekly Bars

Prepared by Jamie Saettele

There is little to say about gold, which continues to rally and make fresh all time highs. "A break of long term trendline support in gold is needed in order to suggest that an important top has formed. The trendline is at 1371 this week. Continue to favor the upside towards long term channel resistance, which intersects with 1600 in the next several months. The 161.8% extension of the 1381.80-1449.70 rally is an objective at 1521. Short term support is 1441 and a drop below 1413.50 (April low) would be a sign that a top may be in place."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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