Gold Prices Expected to Rebound
December 16th, 2009 Posted in Technical Analysis
Name: Anton
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Gold was pulled both ways yesterday due to the dollar’s strength and inflation fears. The stronger dollar pressured gold while that was countered by inflation fears ignited by an unexpected jump in producer prices and rallying oil prices. This recent activity has raised the stakes for traders. From here on, the forex and commodity markets will see very high volatility indeed.
Pivot: 1104.00
Our Preference: LONG positions @ 1110 with 1130 & 1145 in sight.
Alternative scenario: The downside breakout of 1104 will open the way to 1095 & 1070.
Comment: The price broke above a declining trend line and the RSI is well directed.
Trend: ST Bullish; MT Bullish
Key levels Comment
1170** Horizontal resistance
1145** Horizontal resistance
1130** Horizontal resistance
1126.1 Last
1104** Intraday pivot point
1095** Horizontal support
1070*** Horizontal support
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Tags: commodity prices, Forex, forex blog, gold news, gold prices, gold silver, gold usd, Technical Analysis
