Surprise -- Gold Fails At Resistance
Afterhaving a great four-day run from the bottom, gold is now starting to fail fromthe top end of the range. Last week gold had one of its best weeks of the year,covering from the lows to the highs, similar to the pattern it had the week ofFeb. 12.
TheFeb. 12 rally failed at resistance, and this rally looks like it will fail aswell. The market footprints indicate consolidation and with gold down $7overnight, it looks to be headed back towards the bottom end of the range.
Untilgold can close above $1,360 or below $1,300, expect gold to remain in thisconsolidation pattern. Sell the upper end and buy the lower end. One of thesedays gold will breakout to the top or the bottom and start a new trend, for nowit's in congestion
Keep those stopstight
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