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Since September of 2011, Gold has found a key line of support to bounce off of and right before the bounce, Gold traders have created a bullish wick along line (1).
This past week something a little different took place as gold tried to rally, then declined, creating a “Bearish wick” along this support line, which has not been common for Gold the past 18 months.
Support line (1) is a BIG DEAL for Gold and the bearish wick of last week could be sending a BIG message to Gold traders. Gold has held at this line and boy does it ever need to hold here or good numbers of sellers could step forward.
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