On yesterday’s posting on Gold on Possible Weakness, we are anticipating that Gold will be falling and also predicted the possible price levels of the move.
Here is the outcome of our prediction!
Gold on 4 hourly chart on 10 June 2010
As mentioned on previous posting, Gold may find support on “a resistance turn support level near the weekly breakout” and true enough, that is how Bulls are maintaining their fort for the past 16hrs (4 bars seen on the 4 hourly chart above).
Notice that Gold did a breakout of the Equidistant channel attempt and failed to break above May’s High on Week 19. Thus, it just confirms that May’s High is a strong resistance.
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