Friday, May 27, 2011

GOLD‏ (Spot) intraday: under pressure

Pivot: 1531.00

Our Preference: SHORT positions below 1531 with targets @ 1509 & 1504.

Alternative scenario: The upside penetration of 1531 will call for a rebound towards 1540 & 1550.

Comment: key moving averages are turning down, therefore further consolidation seems likely.

Trend: ST Range; MT Ltd upside

Key levels Comment

1550** Intraday resistance
1540** Intraday resistance
1531* Intraday resistance
1518 Last
1509** Intraday pivot point
1504** Intraday support
1490** Intraday support




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