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Gold Buyers Back. Tests Underside Of Broken Trend Line

|Includes: SPDR Gold Trust ETF (GLD)

The Gold (XAU, GLD) buyers have entered today after not being able to extend below the most recent lows From September and December 2011. The rally hast taken the price up to the broken underside of the the channel trend line at the $1575 area.

Looking at the hourly chart, the price moved above the 100 hour MA at $1556.70 and has trend line and 200 hour resistance at the $1581 area. (38.2% at the $1582). With trendline resistance on the daily at the $1575 area and other resistance on the hourly at $1581, look for sellers in this area with stops above.

http://www.forexlive.com/blog/2012/05/17/gold-buyers-back-tests-underside-of-broken-trend-line/