GOLD daily chart showing rising wedge but on 2/21/11 gold leaped up to test that 1408 level. The price is news driven now from Middle East events. This 1408 is key resistance, then 1420. If 1420 comes, then watch the RSI in relation to early December. Recent move is long and strong for the indicators saying that after a pull back price will want to come back up to these levels again.
ADX does not show a strong trend in place, again reinforcing the thought that the price move is all news driven now. Just as M.E. news drives it up, M.E. news can drive it down. S/R 1420, 1408, 1388, 1363, 1355, 1335, 1315. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.
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