Remain on sidelines on trading gold

Friday, March 6, 2009

The gold market was quite unsure as predicted. Gold price went from 918 dollars per ounce gold to 907 dollars per ounce gold then gold price went abrubtly above 932 dollars per ounce gold. This was the good resistance level. The trend of gold is not quite sure at the moment. 890 dollars per ounce gold is still likely but if price of gold does not manage to go below 932 dollars per ounce gold today, it is definitely an uptrend for gold. It is good to just wait and watch. Watch closely at 924 dollars per ounce gold levels and 932 dollars per ounce gold level.

Next target for gold is not sure today. However ichimoku kinyo hyo indicator and Moving average convergence divergence (MACD) does not confirm down trend. However PMO indicator shows a sharp bending.

Today's oscillation for gold price is 948 dollars per ounce gold to 924 dollars per ounce gold.