May 22
2009
Price of Gold rapidly moving into resistance level
Filed Under (Finance Help) by Admin on 22-05-2009
Gold is rapidly moving closer to last weeks #2 resistance target. (R1 on todays chart). That is also the top of the parallel channel.
This resistance level is sufficiently strong that I expect some downward pressure from there. It is an important level to watch, and for some traders to consider taking at least partial profit off their positions.
If there is sufficient strength and momentum to breach R1 convincingly, then R2 will be the next logical upside target. Failure to penetrate R1 could result in a multi-day retreat downwards.
Amboy Direct is offering a $50 sign up bonus for their eSavings account. This account earns a high APY of 1.51%. To earn the $50 bonus you need to maintain a minimum monthly average balance of $3,000 or more for 90 days. Then $50 will be credited to your account in the next statement cycle.