August 24, 2014

GOLD charts in USD

GOLD is resuming its previous trend... i.e. down after its inability to sustain above 1330.

In the process it has broken 2 swing lows and formed 2 lower swing highs.

On weekly charts we are seeing trading in a triangle... here we have support at 1200 and resistance at 1400. Both these levels are far away and while the trend is down, this sort of trading is indicative of support coming in at lower levels. Too early to be bullish.

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