While there was short-term support at $1150, subsequent action
clearly shows medium-term support at $1140 — the low from November
27. Recovery above $1160 would test resistance at $1200, but
failure of support is more likely and would offer a target of
$1060*. The primary trend remains up, but this may well be the
start of a top formation.
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Title: http://www.incrediblecharts.com/tradingdiary/trading_diary.php While there was short-term
Gold
Posted by macnsc on 8th of Dec 2009 at 02:08 pm
While there was short-term support at $1150, subsequent action clearly shows medium-term support at $1140 — the low from November 27. Recovery above $1160 would test resistance at $1200, but failure of support is more likely and would offer a target of $1060*. The primary trend remains up, but this may well be the start of a top formation.