FX.co ★ Gold short term analysis and trade recommendations May 31, 2011

:: 4H ::

On the short and medium term , Gold is trending up .

Early on the 4H timeframe it broke a downtrend line with 2 tops and was successfully tested

Recently it broke and closed above the newly formed resistance level 1532.30 Now working as support

Based on the previous analysis , There's a Long opportunity on the GOLD

Best level to buy at was near 1533.20 with target at the upper limit of the channel at 1569.70

SL should be below 1515.40 as its break will allow the price to go lower .