26.05.2011 - Precious metals outlook turns clouded
Gold prices have taken out resistance at $1519.55, the 50% Fibonacci retracement of the drop from the May 2 high. From here, the bulls aim to challenge resistance at the 5/11 high ($1526.60), a barrier reinforced by the 61.8% Fib at $1533.12. Broadly speaking, anything shy of a daily close above the latter threshold keeps the overall structure of the ascending triangle carved out over the past three weeks intact, pointing to bearish continuation. If a bullish breakout does materialize however, the 76.4% Fib at $1549.91 will stand as the last barrier before a run at the 5/2 swing high at $1577.05.............................................Full Article: Source
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