FX.co ★ GOLD The technical analysis shows that there is a potential continuation of the correction. November 15, 2010 (Daily Signal)

GOLD

Having reached its historic high of $1424 per ounce, gold began to decline slightly, as a part of the correction of the recent upward movement. The table of technical analysis shows that there is a potential that the correction will continue. It should be noted that after gold has broken through its immediate trend line, it fell all the way to test it from below but could not get through. In addition, you can clearly discern the negative deviation on the MACD indicator, which provides the skeptics with the compelling arguments.
It is forecasted that gold will continue to fall to its previous low, around $1315. The short positions should be maintained near the support level of 1330. The "long" may find the purchase price around 1310 to 1315, as a sequence of the bearish potential.