Gold Price Continues Sideways Trend
New York (May 11) Gold first resistance at 1188/87, but above here targets 1192/1193 and perhaps as far as resistance at 1198/99. Try shorts with stops above 1201 to target strong resistance at 1205/06. Try shorts with stops above the 100 day moving average at 1210.
Failure to beat 1188/87 retests support at 1181/80. Again longs need stops below 1177 to target support at 1174/73. Longs here need stops below 1170. A breakout to the downside this week could accelerate losses and target 1167/66 then 1160. If we continue lower, look for 1156/55 then 1151.