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Gold Market Update - 23rd May

23/5/2012

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After finding resistance just below 1600, gold has corrected the recent rally from 1526 and found support at the 61.8% Fib retracement.

We did not expect gold to fall below 1570 and would be very surpirsed to see it fall below 1550, though we can't discount a retest of the lows at 1526

Nevertheless, we consider the low to be in for the correction and the risk reward profile is overwhelmingly in favour of a long position right now.

Should 1525-1520 fail to hold, gold could be headed much lower and we would have to reassess our longer term bullish picture.
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