Comex Gold: Support: 1119 – 1101 - 1089 Pivot: 1131 Resistances: 1149 – 1161 – 1180

Comex Gold Sell @ 1140 Stop @ 1148 Targets @ 1120 – 1100 – 1082

Gold if we look at the chart form November 2009 where the all time high was tested in Dollar term at 1225 $ and after the same have give a sharp selloff and tested the lower level of 1080 $. The sharp sell off some profit booking was seen from the same level and tested the level of 1160 $ which was the 61.8 % retracement of the fall this was the formation of the Left Shoulder. After testing the level of 1160 $ have been in the side way to down side move where the previous support of 1080 was broken and have tested the level of 1044 $ on lower side but sharp buying was seen from the same level again have tested the level of 1142 $ where the neck line can be drawn from the previous level. This is the formation of the Inverted Head & Shoulder pattern and is in the formation of the Right Shoulder. If we look at the fall from 1160 $ have formed the wave formation which was in the five wave down side and on the upside have been in the corrective wave. Stochastic and the RSI are sustaining in the higher zone and is turned flat where if the trading is seen on short corrective move will give the down side intersection which will given a good confirmation of the right shoulder formation. First resistance is high crossing at 1148. Second resistance is the high crossing at 1160 First supports is the low crossing at 1128. Second support is the low crossing at 1115.