FX.co ★ GOLD Technical Correction, July 21, 2011 (Daily Strategy)

GOLD

As a result of the wave of bearish markets, gold prices climbed to new highs in operating at this very moment, about $ 1609. To the extent that the completed low in the markets, it is logical to assume that you are registering some correction in the gold price and this might happen and now, when the price of gold encountered strong weekly resistance is around $ 1609. The break down of the trend line is an indication of the beginning of a downward corrective wave that can easily reach levels of $ 1521 and even lower.