Gold is likely to find strong resistance at $1520-$1533, if it doesnt break through we would anticipate the resistance at $1366 area would become support for the next move higher.
The head and shoulders pattern we saw a few months ago, also appears to be near completion which is why we anticipate the Gold price not to go much higher under it has consolidated slightly. However we are in extremeley uncertain times and would not be suprised if in the next month or so Gold blasted through the $1520 - $1533 resistance. Time will tell and will likely depend on the Fed's actions.
The head and shoulders pattern we saw a few months ago, also appears to be near completion which is why we anticipate the Gold price not to go much higher under it has consolidated slightly. However we are in extremeley uncertain times and would not be suprised if in the next month or so Gold blasted through the $1520 - $1533 resistance. Time will tell and will likely depend on the Fed's actions.
