Gold Technical Analysis for May 17, 2011

Gold market continued their weak look on Monday, as the markets rose, only to be rejected yet again. However, as we are currently sitting on top of a large uptrend trend line, it is difficult to sell this contract at the moment. Gold is certainly in an uptrend over the last 10 years or so – now we are just trying to figure out if this is a small pullback, or a larger correction. As long as we are above the trend line, we will only buy – but only on signs of strength.

(Source: http://www.commoditiesmansion.com/technical-analysis/gold-technical-analysis-for-may-17-2011/)