Bullish With Eyes On The 968.00 Level.
GOLD (Futures): The metal decisively broke and closed above its May 15’09 high at 934.15 the past week to maintain a third week of upside gains since turning higher off the 850.30 level in late April’09. With this achieved, Gold now looks to head towards the 968.00 level, representing its Mar 20’09 high where a clean invalidation could send it further higher targeting the 1,007 level, its 2009 high. A loss of the latter will trigger the resumption of its longer term uptrend now on hold. Its weekly stochastics has turned higher supporting this view. On the downside, support is located at the 934.15 level, a level expected to reverse roles and provide support. Other supports are situated at the 900.00 level, its psycho level ahead of the 886.40 level, its May 04’09 low. On the whole, Gold should now push higher having violated its key resistance level.

Bullish With Eyes On The 968.00 Level.

GOLD (Futures): The metal decisively broke and closed above its May 15’09 high at 934.15 the past week to maintain a third week of upside gains since turning higher off the 850.30 level in late April’09. With this achieved, Gold now looks to head towards the 968.00 level, representing its Mar 20’09 high where a clean invalidation could send it further higher targeting the 1,007 level, its 2009 high. A loss of the latter will trigger the resumption of its longer term uptrend now on hold. Its weekly stochastics has turned higher supporting this view. On the downside, support is located at the 934.15 level, a level expected to reverse roles and provide support. Other supports are situated at the 900.00 level, its psycho level ahead of the 886.40 level, its May 04’09 low. On the whole, Gold should now push higher having violated its key resistance level.

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