Gold Forecast For March 14, 2011
By ForexMansion.com
Gold has found support at the $1,410 level as we pointed out would happen yesterday. This area looks very supportive, and signals that we may be ready to run back up to the $1,440 level. However, if you do buy gold at this level, you may want to take a little bit off of the table when we reach the highs as they look like they could be rather resistant.
Any breaks below the $1,410 level will certainly find support at the $1,400 level, and will struggle to make any serious headway. Because of this, shorting gold isn’t suggested.
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The Meltdown crisis in Japan, Obama and Uncle Ben’s backroom printing press, the riots across the Middle East and Africa, a run away debt crisis in the U.S. and Europe in full bailout mode the end has already arrived? The magnitude of the financial crisis when compared to the Richter Scale Earth Quake level is a 10, let’s not kid ourselves any longer pontificating when it will come, it has arrived!
Think of musical chairs, anyone caught without Gold, Silver or Oil holding will suffer a death by Ten thousand paper cuts. Prices may well go beyond current projections of Gold at $2500 oz, Silver $200 oz and Oil of $250 barrel.