Monday, 7 February 2011

Gold- a decent break above $1350?

Two sets of reaction line grids both showing current action and reaction line res/support.







This RL( below) supporting price bang on 1350 comes from a fork in a 240 min TF that has consistently supported/resisted price. Is the trend and momentum there to carry price higher? I think so but as i am not a betting man i will wait to see if price holds above the supporting RL and see what direction/strength any trend has remembering we must make a new high above 1358 to be 'in business'.Also we have a potential H&S formation in both small ( across the RL set in the 1 min) and in the 4hr.

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