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Posted by Rakesh Shah on December 20, 2011 (110 Comments)

Gold Technical Analysis

  1. 1800 – Last week we were expecting this level to hold (FAILED), but was taken out immediately for first leg for a move lower = Correct.
  2. 1660- A Short term bounce to 1630 before we resume a selling pattern.
  3. 1600 - Low volumes in a rising market, rarely spell good fortune. We are expecting skinny markets to test the lows to the downside at 1574, with the market holding here into the New Year. 

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