Monday, 9 January 2012

FEB GOLD

Resist: 1625.30-1631.60*, 1642.80

Supprt: 1598.30, 1583.50, 1573.30-

Comment: Current short term recovery action is testing 1631.60* resistance. Trade is poised for continued probes against 1631.60*. A close over 1631.60* should spark a run to 1659-1669, but be careful for further setbacks from 1631.60*+/- that could trigger a secondary drop off. Corrective dips that hold within Tuesday’s range will bull flag to setup for rallies. A close under 1565.10* is needed to rekindle bear forces.

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