As I have mentioned in my previous post on 20 January 2011, that the gold is forming the bearish chart pattern “The Triple Top” . The gold has corrected up to $1308.10/oz on 28/1/2011 and it has moved up to $1366.80/oz on 9/2/2011. It is now facing the resistance due to the 50 day simple moving average. The RSI is above 50 level and MACD has crossed signal line but below the zero line this indicates mild bullishness.The Gold may remain side ways or some minor correction, then it will resume its upward move. Near term target for the Gold is 1394.36.
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