GOLD, what can't go up, must go down!
Gold finaly came out of the triangle, breaking true the support at 1190/95 after home sales data yesterday. Gold players waited for anything to make a move and after the data, much better then expected, this was the only choice. As you can see on this char, gold didn’t manage to pass true the 1205/08 for 5 days in a row, pushing down with strong trendline . The fall has stoped at previous support from April 14., at 1184, the H4/MA200 is placed at 1186 and gold is steady at that level for now. On the way up, the bulls have tested previous support, now resistance at 1190, on the way down 1178/80 is waiting for the bears if this first support breaks. Let’s see is this a longer term decline at gold, or just search for buyers!?
Forex Trader 