Saturday, May 18, 2013 As of 5:20 PM EDT
U.S. EDITION
Gold broke higher on Friday and once we broke the 1714 barrier up we came breaking all levels of resistance until 1741 just in front of our 1742 resistance...Now we have a trendline on Gold 1762 and also a fib level at 1774...so if we can stay trading above 1730 we may be able to see these highs before the overbought indicators kick in.
We are dangerously overbought on the daily charts but not so much on the 240 and 60 min charts...these show neutral. So use 1730 as a guide today. If we lose 1730 we have support in the 1724/22 area. We may well find that Gold can hold this support therefore buyers should come in and hold unless we lose 1718.
If lost we look for 1714 then 1707...which should be enough on the down side.
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