Friday, 22 May 2009

profit taking in Gold

I took some profits last night in June Gold as it hit first targets in the $945-$950 area, I have some offers in just below the $960 and $970 levels - the May 1 UPprofile has been in control and still targets $970 for this move. Upside may get sticky now though as daily stochs & RSIs are getting high & potentially overbought -$955 looks like good resistance. There could be a pullback to $935 before $970 is hit. Keep the powder dry and look to reset longs for longer term move to $1100 - remember medium & longer term Gold is very bullish above $920.......

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