Gold on the 17.2 Day Decline

GC4-16-2013 ID

Gold fell after NY close to 1321.5 in Asia holding the target at 1310. The Weekly Breakline for this week is 1398.6 and this will provide CLOSING resistance at this point. The Major overhead resistance stands at the 3 Monthly Bearish Reversals so we are not going anywhere just yet other than the traditional bounce after a 17.2 day decline. The monthly resistance starts at 1421.0 and that is the area that any bounce must exceed to be credible. This is orderly so far. Keep an eye on the upcoming panic cycle and rise in volatility.