GOLD - Struggling @ 1550 key resistance, key supp's indicated
- As shown in the chart, gold seems to be struggling at its key resistance level of 1550.
- This is evidenced by clear wicks showing an inability to break above, despite the bad US data earlier today
- This level has now been hit three times, every time being unable to break above
** I do not believe gold will break this resistance level until the NFP results on Friday this week
- If this is the case I have indicated two key support levels that I believe we may see gold bounce higher from if we see a drop from the 1550 level
- Both are shown to be acting as strong support during the entire consolidation period after the rally past 1525 was seen
- This is evidenced by clear wicks showing an inability to break above, despite the bad US data earlier today
- This level has now been hit three times, every time being unable to break above
** I do not believe gold will break this resistance level until the NFP results on Friday this week
- If this is the case I have indicated two key support levels that I believe we may see gold bounce higher from if we see a drop from the 1550 level
- Both are shown to be acting as strong support during the entire consolidation period after the rally past 1525 was seen