Technical Analysis – Gold, Daily, consolidation with downside risk under 1276
Posted on May 8, 2014 at 6:35 am GMT[caption id="attachment_16411" align="alignnone" width="570"] (Click to enlarge)[/caption] Following a strong up move so far this year that peaked on March 17, gold has retraced 50% of the 200+ dollar move from 1187 to 1392. Since the end of March it has been hovering around this 50% retracement level of 1290, with both attempts to break and stay above the psychologically important 1300 level failing – one at 1331 and another at 1315. 1315 and 1331 are two resistance levels – [..]