Chart as on 21st May 2010: Gold has corrected in the range of $1174-$1154 given in my earlier update on 13th May 2010 from recent top of $1248,
higher gold prices drew in funds and CB to sell their holding @ new top.
The Recent fall has not yet affected the Gold Bull Run, trend line support exists @ $1140 (above in chart).
Gold has immediate resistance in range of $1185-$1195 by crossing which it may try to touch $1207 and $1217.
If gold failed to cross the immediate resistance range, it may fall further to find support @ $1140, $1124 levels.
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Thanks,
Commodity Daily
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