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If Gold Cant Fight Above March Highs, It Could Slip Back Into Its Downtrend
By FastBrokers on March 13, 2009 | More Posts By FastBrokers | Author's Website
Gold leveled off on Thursday as surging U.S. equities tempered the recent bull-run in the precious metal. While Gold sits above our 1st and 2nd tier uptrend lines, the 3rd is still an arm’s length away. Gold seems to be at a critical point concerning its near-term trend.
If the precious metal can’t fight above March highs, then Gold could very easily dip back into its downtrend while equities continue their impressive rally. On the flip-side, if the precious metal can climb above March highs, we expect large near-term gains and a continuation of the up-trend. Gold has the psychological $900/oz level to defend itself from any exacerbated sell-offs for the time being.
Fundamentally, we hold our resistances of $928.57/oz and $932.04/oz, with fresh resistances hanging at $932.42/oz and $943.97/oz.
To the downside, our $922.92/oz and $919.01/oz resistances turn support while we maintain our additional supports of $913.80/oz. and $909.89/oz.. Gold is currently trading at $922.50/oz.
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