Gold Technical Analysis for the Week of May 2, 2011

Gold continues to shoot absolutely straight up as traders are trying to find something that holds value since the US dollar isn’t. The truth is that it appears gold has a long way to go before it finds a top, but a pullback is to be expected with this kind of angle on the charts. Due to recent action, we see the $1,500 mark as a major support area now, and would love to buy gold back down towards those levels. If you are not involved in this trade, you simply must allow it to come back to lower prices before getting involved.

(Source: http://www.commoditiesmansion.com/commodities-analysis-video/gold-technical-analysis-for-the-week-of-may-2-2011/)