Is Gold Entering a Trend Reversal?
December 10th, 2009 Posted in Technical Analysis
Name: Anton
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Gold slid to as low as $1121.30 an ounce early today, which is largely owed to the USD’s gains vs. the EUR in early trading. In the past week, Gold has made a significant downward correction, which can be directly correlated with the bearish trend of the EUR/USD cross. This recent activity has raised the stakes for traders. From here on, the forex and commodity markets will see very high volatility indeed.
Pivot: 1115.00
Our Preference: LONG positions @ 1120 with targets @ 1155 & 1165.
Alternative scenario: The downside penetration of 1115 will call for 1100 & 1070.
Comment: Price is shaping a falling wedge pattern, calling for a rebound.
Trend: ST Bullish; MT Bullish
Key levels Comment
1200** Horizontal resistance
1165** Horizontal resistance
1155** Intraday pivot point
1129 Last
1115** Horizontal support
1100** Horizontal support
1070** Horizontal support
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Tags: commodity prices, Gold, gold prices, gold silver, gold today, gold usd
