Gold price support and resistance levels for today, 05/12/2014

on May 12, 2014

The uncertainty surround the gold chart continues to grow. There has now been two successive doji candlestick patterns (open and close a the same point) denoting a loss of conviction as the price continues to trade between $1285/$1295. This would suggest that a breakout of this range could result in a decisive move in the direction of the break. Technical indicators continue to suggest there is greater downside pressure seen on both the daily chart and also the intraday hourly chart. There has already been an early attempt to break lower which hit $1279.60 before pulling back into the range. However, it seems as though the sellers are trying to gain control and I expect a test of the $1276.60 May low in due course.


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