Book your profit on gold and remain on sidelines until next forecast on monday

Friday, March 13, 2009

The gold price wildly went upto 938 dollars per ounce gold as it was forecasted. The gold price pierced the strong resistance level of 924 dollars per ounce gold with strong momentum as predicted. The uptrend seems to be confirmed. But don't go wildly buying gold. The gold price will stabilize around 924 dollars per ounce gold for some days to come. Don't go for long positions now. The uptrend for gold needs further confirmation. Settle your positions of your bought gold around 930 dollars per ounce gold and look for another low to have another opportunity to buy. However it is good to wait for the clear technical signal for either buy or sell. For the time being, gold price does have a chance to go lower or higher. It is good not to establish any position.

Next target for gold is to remain on sidelines
Today's oscillation around 924 dollars per ounce gold

The PMO indicator shows clear uptrend indication. It is supported by Moving average, MACD and ichimoku indicators. But for a while the market will settle at the resistance level of 924 dollars per ounce gold. Technical indicators show the rise in gold price is inevitable.