Saturday, 7 May 2011

Gold short term bounce back to $1500

Gold found support at the ema(50) $1462 and bounced back 30% of the $113 fall to $1495. I'm looking for resistance in the $1500-$1505 range. Daily pivot at $1488 indicates BUY with targets of $1505 and $1515 . On the weekly at $1511, the pivot is indicating SELL with downside targets of  $1446 and $1397


BUY $1480 STOP $1460 TARGET $1560
SELL $1510 STOP $1530 TARGET $1400


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