Gold fell quite sharply yesterday as forecast. Now a little consolidation will take place taking the gold price to 890 levels. Trade with a sell position after the consolidation for a good profit booking.
Today's trend: Up
Next target: Unsure
Gold extended its losses yesterday as long liquidation continued with the move accentuated by technical sell stops being hit. In addition, talk of potential IMF gold sales definitely didn't help pushing gold to an intraday low of $864.80/oz with a loss of 20.95 dollars for the day. A strengthening US dollar and fading inflation concerns also prompted investors to book profits in gold. It seems that participants feel more optimistic about an economic recovery after G20 meeting so on the short term gold will probably struggle to regain upside momentum given the renewed risk appetite.
The short term trend is bearish while the medium and long term trends are bullish.
Support: $864.80 (yesterday's low)
Resistance: $913.30 (high of 11/03/09)
Support: $851.90 (low of 23/01/09)
Resistance: $909.85 (high of 03/04/09)
Support: $843.25 (low of 22/01/09)
Resistance: $896.97 (yesterday's high)
9 day moving average - $909.30
14 day moving average - $921.00
40 day moving average - $932.74
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