By
Carol Harmer |
Commodities | Feb 08, 2012 10:47AM GMT |
Gold bounced back from 1710 and headed virtually in a straight line..up to 1749 where for the moment we have stalled...creating a tiny double top. Obviously if we can exceed 1752 then there would be further strength evident and we would see a re-test of the 1762/64 highs…
Here obviously we look to take profits. Now if we do bust this resistance the key reversal day will be negated and we should then trade higher and a move back to 1802 would be viable over the next few sessions.
If we stall at the 1751/52 resistance we would have to take this as a sign of weakness, and that the key reversal day remains in place and we would be looking at 1718 to 1710 once more.
Here we cover shorts. We are sellers if we lose 1704 for 1693 then 1684.
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