FYI,I'm long on gold.DYOR. IMOBULLET: MNI SPOT GOLD TECHS: Gold...

FYI,

I'm long on gold.
DYOR. IMO


BULLET: MNI SPOT GOLD TECHS: Gold Rangebound Awaiting Flag...
16-May-2011
MNI SPOT GOLD TECHS: Gold Rangebound Awaiting Triangular Flag Breakout
RES 4: $1549.60 Daily Bollinger band top
RES 3: $1526.50 High of May 11
RES 2: $1510/$1512.7 2-wk res line, 21-DMA, 23.6% Fib $1309/1576
RES 1: $1502.73 5-day moving average
CURRENT LEVEL: $1495.25
SUP 1: $1473.3/1473.7/1478.8 Daily Boll base, 38.2% Fib, 16-wk supp line
SUP 2: $1463.80 55-day moving average
SUP 3: $1442.10 50% Fibonacci of $1309/1576
SUP 4: $1422.50 100-day moving average
COMMENTARY: Gold trades within a tight range following lower highs and
higher lows. Daily studies are mixed as momentum trends lower, albeit
suggestive of oversold, RSI is rather neutral but slow stochastic study
exhibits a buy-signal. Current price action forms a triangular flag
with key resistance seen at $1510, a 2-week resistance line from May
2 and key support seen at $1478.80, a 16-week support line from Jan 28.
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