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Gold 4h chart


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Dec 01 2010

Gold is trading higher for the past few days, but an upward structure from 1329 lows is showing signs of a corrective recovery after the trend changed direction on 9th of November. Important resistance region that traders should pay attention on for a potential reversal from a wave 2 high, is between 1390-1400 zone. We will remain bearish on that one as long as the market trades below all time highs. Keep in mind that any sharp decline from wave 2 top will be a very strong signal that prices are headed much lower, but right now however this is not the case yet!

If gold will turn lower, which has been one of the best investment for the past few weeks, then US dollar gains will likely accelerate against the other major currencies, especially against the Euro which was one of the weakest in November.

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Gold 4h chart:

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