Analysing the monthly charts once again. You may read the earlier article here http://vipreetinvestments.blogspot.com/2011/04/gold-rush-is-it-time-to-rush-out.html . June was a down month but pointing more to consolidation rather than distribution.The higher high higher low candle and long lower shadow shows buying interest still exists. Volumes were high on such consolidation which is encouraging.The trend line joining tops from March 2008 is proving good resistance.For June 2011 it will offer resistance at1590.
Good support exists at 1396-1308. Only a decisive fall below these levels will bring in panic selling. The monthly oscillators continue to be in negative divergence indicating some pullback may be expected which will be a golden oppurtunity to get into gold.
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