This week there are two major external events that may affect the gold price. One is the release of Chinese data and the other is the outcome of Indian bullion traders and jewelers negotiations.
Both countries are the biggest purchasers of the gold at the present. Their policies or changes in purchasing behavior change can directly impact gold price moves.
Gold Futures – Continuous contract, daily bars
Based on the daily chart, GOLD is near its long term support line area 1605. This long term support line needs to be held up to avoid a serious major price breakdown.
Holding above it could help GOLD price move back up to 1636-1638.50 range. A move above 1640.20 could be slightly bullish and the Odds will then favor a push up to 1666-1675 area.
However if gold fails to break 1640.20 line, instead breaking through the 1597.50 support line, a hard stop run could create a major sell-off, and GOLD could dip into the 1567-1562 range.
To see the complete projections for the week of April 9, visit http://naturus.com/gold
