Sunday, April 5, 2009

Today's forecast is sideways movement for gold.

Well, prices will find strong support at 920 targeting 938. But later in the day, prices have possibility to fall sharply. So, good profit booking either up or down.

Next target: Unsure
Today's trend for gold: Sideways

Gold finished sharply lower yesterday in reaction to equities continuing their recent rally as traders unwound some safe-haven positions in the metal. As the Dow Jones climbed back above 8000 for the first time in nearly two months gold fell further with the move being accentuated by technical selling. Some analysts noticed the sell off in gold despite moves in two other markets that normally favour the yellow metal – a weaker US dollar and stronger crude oil.

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

Support: $901.15 (yesterday's low)
Resistance: $945.32 (high of 26/03/09)

Support: $900.00 (psychological level)
Resistance: $936.15 (high of 27/03/09)

Support: $882.90 (low of 18/03/09)
Resistance: $907.92 (yesterday's high)

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