Monday, March 30, 2009

The forecast for gold is to keep buying it while holding your position.

Do not throw away buy positions as prices are amplifying at the moment. Whenever any retracements occur, trade gold with a buy position.

Next target: Unsure
Today's gold trend: Up

Gold closed lower on Friday hit by a rising US currency and profit taking. Ahead of key policy meeting this week, the dollar advanced against its major rivals and the yellow metal supposed as a substitute often moves inversely to the greenback. The chart shows a break below the moving averages with some analysts pointing that the downward move was accentuated by technical selling. In addition to the currency pressure deflationary data from Germany also weighted on gold, few officials warning that the Euro could see further hits.

The short term trend is sideways while the medium and long term trends are upbeat.

Support: $918.10 (Friday's low)
Resistance: $957.50 (high of 23/03/09)

Support: $911.65 (low of 17/03/09)
Resistance: $945.32 (high of 26/03/09)

Support: $906.55 (low of 12/03/09)
Resistance: $936.15 (Friday's high)

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9 day moving average - $936.17
14 day moving average - $930.14
40 day moving average - $933.95

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