Gold Higher
February gold was higher overnight and is testing resistance marked by the 20-day moving average crossing at 1116.90. Overnight weakness in the Dollar is helping to support the precious metals markets. Stochastics and the RSI remain neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 1116.90 are needed to confirm that a short-term low has been posted. If February renews last month’s decline, the 38% retracement level of the 20008-2009-rally crossing at 1032.60 is the next downside target. First resistance is the 20-day moving average crossing at 1116.90. Second resistance is the overnight high crossing at 1119.70. First support is the reaction low crossing at 1075.20. Second support is the 38% retracement level of the 20008-2009-rally crossing at 1032.60.
The Market Guardian and Market Club have teamed up to get you 2 FREE MONTHS of Market Clubs Premier Service. Click Here Now, you have nothing to lose and 60 FREE days to gain.
Categorised as: Gold News