Breakout of Symmetrical Targets. 01-Dec-2010 MNI SPOT GOLD TECHS: Breakout of Symmetrical Triangle Targets $1477 RES 4: $1424.00 Nov 9 record high RES 3: $1414.8/1417.8 Daily Bollinger top, Nov 11 high RES 2: $1410/1410.3 Nov 10 & 8 highs RES 1: $1398/1400/1402 Nov 17 Chan top, Psych level, 78.6% of $1424/1330 CURRENT LEVEL: $1396.80 SUP 1: $1381.2/1381.6 Nov 24 & 23 highs SUP 2: $1377.00 Former 50% Fibonacci of $1424/1330 SUP 3: $1374.3/1374.5 21-DMA, Former symmetrical triangle top, 5-DMA SUP 4: $1365.9 Former 38.2% Fibonaci of $1424/1330 COMMENTARY: Break of symmetrical triangle pattern yesterday re-establishes bull trend as most daily studies also point higher, measured move target around $1477. RSI, however, is neutral. Today, gold broke through the 50% Fibonacci of $1424/1330 at $1388.10 and threatens the 78.6% level at $1401.80. Ahead of that, resistance seen as the Nov 17 channel top at $1398.20.
... View more