What Resistance Lies Ahead For Gold?

The Commodity Specialist view - After the late Dec high Gold turned consolidative, but subsequent correction proved short-lived. The current upleg from a late Jan low shows no immediate signs of tiring, but there are some interesting resistance levels not far overhead.

• WEEKLY CONTINUATION CHART: The current upleg, off support from the old wedge top, looks to be heading for the 1550/55 area, the bull channel top projection and 2.618 swing target off prior 2008 downmove. We’ll be on the lookout for resistance here.
• DAILY CHART JUN-11: After a pause at the Dec high the bull move has resumed, now closing in on the 1.618 swing projection off prior Dec/Jan pullback, at 1515. This plus levels on the Weekly chart warns against chasing the market here. The 1436.70 Dec high offers first support, ahead of the 1382.40 15-Mar low.

[For the complete and illustrated version of this and future Updates be sure to sign up at www.sevendaysahead.com]