Gold Daily Analysis for 03.05.2012

The pair is trading along an downtrend. The downtrend may be expected to continue while pair is trading below resistance level 1652, which will be followed by reaching support level 1638 and if it keeps on moving down below that level, we may expect the pair to reach support level 1630.

An uptrend will start as soon as the pair rises above resistance level 1652, which will be followed by moving up to resistance level 1667.

Resistances: 1652, 1667, 1675
Supports: 1638, 1630, 1620