Gold Faces 'Fierce' $1810 Resistance Level
Commodities / Gold and Silver 2012 Oct 17, 2012 - 12:23 PM GMTBy: Jesse
Gold and silver bounced today, but follow through is everything.
I include an updated chart showing the formation of a potential cup and hand on the gold daily chart.
London Trader describes the competition to buy physical gold at these levels as 'fierce' and is seeing heavy buying stepping in as even central banks wish to convert dollars and euros to gold.
In a subsequent post London Trader says that there would have been at least a partial commercial capitulation if gold had broken through $1810 on its last move higher. Interestingly enough $1810 is where I would look for confirmation for a breakout from the cup and handle formation. Apparently quite a few of the shorts see this as well, and have set their stops there.
By Jesse
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