The Metals Correct—What Next?
05/19/2010 12:54 pm EST
The metals have been under a bit of pressure since last week as June gold dropped below the 1200 level today and is currently trading below it. The weekly and daily technical outlook is positive as the daily OBV did confirm last week’s highs. The daily trend line support is at $1176 with the 38.2% retracement support at $1172. The more important 50% support level comes in at $1148. The key resistance for now is in the $1230 area. For more on the metals sign up for this week’s Trading Lesson.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.