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Monday, February 20, 2012 7:22:47 PM
AU Hourly Chart...What's Next
We're on the verge of filling the weekend gap up on the chart here. Still has a bit further to drop but it should complete that shortly.
Now is the time to sit back and wait. We need to see AU break below those key previous support levels at 1.0688 and 1.0646. The main level that needs to be broken is the last low at 1.0628. Until we move below that price level, AU is still bullish.
The good news for the bears is that AU has broken the 4 hour bottom trendline several times. That does point to more lows coming. But we need confirmation in the form of the breaks below the active lows.
If we can't break those lows, 1.10 is coming.
We're on the verge of filling the weekend gap up on the chart here. Still has a bit further to drop but it should complete that shortly.
Now is the time to sit back and wait. We need to see AU break below those key previous support levels at 1.0688 and 1.0646. The main level that needs to be broken is the last low at 1.0628. Until we move below that price level, AU is still bullish.
The good news for the bears is that AU has broken the 4 hour bottom trendline several times. That does point to more lows coming. But we need confirmation in the form of the breaks below the active lows.
If we can't break those lows, 1.10 is coming.
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