- And it happened at the strong monthly resistance @1300, also the 50% Fibo Retracement from the low of Oct 2008 to the all time high of Sept 2011.
- It also touched the upper .
- Notice the downtrend line that draws from the all time high at 1924. Gold just made a pause there and made a big red candle with a pattern. This is a very important technical point.
- It also did not make a higher high as compared to the last top. It reached 1303 on May 2nd and has turned down since then. The last top was 1307 ! Sentiment in gold has changed since FED may raise rates in June or July.
I am looking for gold to continue to drop this month and possibly in July also. The support should be around 1150-1160 (The yellow areas). It may coincide with the 61.8% Fibo Retracement at 1155.