Comex Gold weekly Road map for 17 oct, 21 oct 2011

After a deep analysis of gold weekly, daily and intraday 240 minute chart i found that gold is still bounded in a range of 1650-1720 zones. a nice drop seen in gold prices few weeks ago and and now it is trying to retest of its previous support (now resistance) of 1700 mark. on intraday 240 minute time fame its bounded in a range between 1650-1685, a breakout above 1685 would confirm an advance till 1704-1722 zones. a failure near immediate resistance around 1685 would signal a decline and gold will try to test 1632-25 mark in very short term and this failure near resistance 1685 may invite more sellers to streets and gold may decline further till 1500-1480 area. After a successful breakout above 1685 level an advance till 1704-1722 levels can't be ruled out. as per intraday hourly chart gold is moving in a range of 1685-1652 since 11-10-2011 and making a possible head and shoulder reversal pattern, head of this pattern is at 1692.10 made on 12-10-2011, and neckline support seen near 1652-1651 zones as per this pattern if gold fails to breakout above 1685 it can decline till 1655-1630 area in near term and a successive cross above its head would signal a rally of 35-40$ up side after breakout.

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