Gold Hits $1125 Level
March 18th, 2010 Posted in Technical Analysis
Gold rose slightly today after having gained more than 1% on Tuesday as a US Federal Reserve decision to hold interest rates unchanged burnished the metal’s investment appeal.
Gold has risen as much as 2.6 per cent this week after investors turned to the metal for safety because of currency volatility related to debt problems in Europe, but a break above a recent high near $US1150 was needed to sustain the gains.
Pivot: 1119.00
Our Preference: LONG positions above 1119 with targets @ 1135 & 1145.
Alternative scenario: The downside penetration of 1119 will call for 1112 & 1098.
Comment: the price has struck against a support threshold @ 1119, the RSI advocates for further upside.
Trend: ST Ltd upside; MT Bullish
Key levels Comment
1161** Horizontal resistance
1145** Horizontal resistance
1135** Horizontal resistance
1126 Last
1119** Intraday pivot point
1112** Horizontal support
1098*** Horizontal support
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