Gold Price Taking A Well Deserved Rest
from Gold Silver Worlds:
Gold has put on an admirable show in recent days rising all the way from support at $1150 to a high at $1220.
The recent rally is even more respectable because Gold pushed through several significant resistance areas in the process. The is break through $1181 to $1188, then the round-number at $1200 along with the 50 day exponential moving average which is also at $1200.
Gold has pulled back to the $1200 level, before Monday’s open, where resistance at that level should become support. In an uptrend resistance becomes support and that is what we would like to see here. Below $1200 we have the median line of the red modified-Schiff pitchfork and the top of the jumble zone as more potential support.
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