FX.co ★ GOLD Technical Correction, April 28, 2011 (Daily Strategy)

GOLD

The ounce of gold recorded a new historical high in $ 1534.30, after increasing demand for the precious metal by operators seeking to take refuge from inflationary risks in the global economy.

According to the retraction of Fibonacci the price of gold has reached the level of 161.8%, we note that at the same level is the second monthly resistance (1534.00) the next resistance is around 1555.00 level; at this level would be a good opportunity to sell in the correction or even a possible change in short-term trend, with an ultimate goal around the second weekly support located at the level of 1464 dollars for an ounce of gold.