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your analysis is almost the same as the one I use. see Gold with timeframe H4 we can look still sideway movement between support resistant, up down in rectangle shape area, and also failed to penetrate the trendline and support yesterday. so it is possible also to still go up if only pierce resistant above.
http://i49.tinypic.com/seszlf.gif
Gold is moving around the support level at 1605.32 now. Then, if Gold can break this support level, Gold may falls to the next support level at around 1594.33. But if Gold can be rejected by this support level, Gold may rebound and going up to the resistance level at 1615.61.
today,Initial support at 1525 (feb 21 low) followed by 1504 (feb 21 low). Initial resistance is now at 1550 (march 1 high) followed by 1577 (All time high).
Gold
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GOLD (Spot) intraday: key ST resistance at 1617
Pivot: 1617.00
Our preference: SHORT positions below 1617 with targets @ 1600 & 1590.
Alternative scenario: The upside breakout of 1617 will open the way to 1625 & 1638.
Comment: as long as 1617 is resistance, likely decline to 1600.
in the H1 time frame the price of gold is moving in the channel pattern. the up side price have a strong resistance at 1615.00 and lower side support is 1600.00 now price is rejected from the 1612.00 so it will try to move support side so we can short this pair to the target 1600.00
Gold technical analysis by using moving averages.
date : 03.25.2013
time : 0800 GMT
time frame : 15 min
sma200 : 1610.63 signal- neutral.
sma100 : 1609.46 signal- sell.
Gold is a chemical element it is a dense, soft, shiny, malleable and ductile metal. It is used widely throughout world as a vehicle for monetary exchange, either by issuance ad recognition of gold coins or other bare metal quantities. Gold prices are measured by trading in gold and derivatives markets.
Gold is a dense, soft, shiny, malleable and ductile metal. It is a chemical element with the symbol Au (aurum in Latin, meaning glow of sunrise) and atomic number 79.
It has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains in rocks, in veins and in alluvial deposits. Less commonly, it occurs in minerals as gold compounds, usually with tellurium.
Gold analysis for 03.25.2013 by using pivot indicator.
r3: 1624.73
r2: 1619.57
r1: 1612.83
pivot: 1607.67
s1: 1600.93
s2: 1595.77
s3: 1589.03