Short Term trend: Bearish
Intraday Bias: Bullish 
Gold is penetrating 1400.00 key resistance level, which is the resistance of the recent consolidation period, stability above the level signals further upside potentially towards 1440.00-1450.00 next resistance level. Accordingly, we would like to see price hold above the level for few hours to expect an upside move.
** Short term (Less than three months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore. | |||||
| Support | 1378.00 | 1360.00 | 1340.00 | 1321.00 | 1310.00 |
| Resistance | 1400.00 | 1410.00 | 1419.00 | 1425.00 | 1445.00 |
| Recommendation | Based on the charts and explanations above, we prefer to long gold after a four-hour closing above 1400.00 targeting 1420.00 and 1445.00. Stop loss below 1388.00 | ||||
May 30, 2013
gold FORECAST
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