Gold Weekly Chart
Gold on the last week had ruptured and closed below the long term support zone $1582 i.e the lower channel of the 13-13 Wilders Moving Average channel offset trading system. Now Chances are there than gold could mean revert towards the 200 Week SMA line somewhere around $1175-1280. And $1680 will be the key long term resistance for the current downtrend.
Gold Daily Chart
On the Daily Chart gold had given the strong sell signal on 12th Dec 2011 when it breaks the support zone $1705 it had lost nearly $150 of its value and currently it is trading below the 200day moving average($1630).
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Regards
Jay
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