CommoditiesTrader

Gold Hits Key Resistance, Trades Low on Equity Highs

COMEX:GC1!   Gold Futures
Gold             has played out well on a technical basis. My previous analysis was rather spot on, as price action was leaning towards support at $1,133 from $1,170. Price found support and moved higher to resistance level one of $1,179 before profit taking today.

Price action should remain within the descending channel , while a close below it will likely send gold             quickly to $1,000.

See this week's analysis here: http://tinyurl.com/myhztjg

Please see previous analysis here: http://tinyurl.com/mjaqrqo
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