Gold, not much change $GLD $GC_F

Last week´s post pretty much still place

After last week´s impressive seloff, gold has been consolidating in a lower value area, within a $100+ area between $1680-$1550.

Levels I´ll be watching are $1680. If the barbaric relic breaches those levels, there´s a very “thin” area above, which might suggest furtrher upside to the $1740 mark.

Strong support in the $1550´s area –  I would not expect it to brake easily.

2011-10-10_0024

 

Price action has been rotating over the range over the past week. Although gold recovered the 1660´s upper level from Wendsday , I would like to see a clean breakout over 1680 to target the 1720-1750 area. 1680 is near resistance which has been tested two times over the laste week –  short term support @ 1685. Provided there´s not breakout during this week, seems that gold is consolidating on lower areas of value.
2011-10-10_0029

 

After some work within the profiles, there are two clear areas where I would be watching for possibilities: 
1665-1675 as a previous area of business
1597-1607 s another possibility, provided lower prices are being revisited

 

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