GOLD: The metal’s declines from the 989.97 level, representing its Jun 03’09 high has temporarily halted as a third day of corrective upside gains is underway. Gold has been declining for the past three weeks pushing to a
low of 912.43 before recovering higher on a
hammer formation on Jun 23’09. It continues to build on that strength threatening its Jun 24’09 high at 941.48 today. Convincingly invalidating that level will set the stage for further upmove towards the 961.65 level, its Jun 11’09 high and then its Jun 03’09 high at 989.97.Beyond the latter will
put the metal in position to head further higher towards the 1,005.98 level, its Feb 20’09 high. Its daily RSI is
bullish and trending higher suggesting further strength. On the other hand, reversing its present upside offensive will turn the metal back down towards the 915.07 level, its May 18’09 low. A decisive break below there will bring additional lower prices towards the 895.65 level, its daily 200 ema. Further down, support is located at the 880.15 level, marking its May 01’09 low. On the whole, while Gold still maintains its overall medium to longer term uptrend, it now challenged by nearer term corrective
pullbacks
GOLD: Signs Of A Temporary Halt In Price Declines Seen
GOLD: The metal’s declines from the 989.97 level, representing its Jun 03’09 high has temporarily halted as a third day of corrective upside gains is underway. Gold has been declining for the past three weeks pushing to a low of 912.43 before recovering higher on a hammer formation on Jun 23’09. It continues to build on that strength threatening its Jun 24’09 high at 941.48 today. Convincingly invalidating that level will set the stage for further upmove towards the 961.65 level, its Jun 11’09 high and then its Jun 03’09 high at 989.97.Beyond the latter will put the metal in position to head further higher towards the 1,005.98 level, its Feb 20’09 high. Its daily RSI is bullish and trending higher suggesting further strength. On the other hand, reversing its present upside offensive will turn the metal back down towards the 915.07 level, its May 18’09 low. A decisive break below there will bring additional lower prices towards the 895.65 level, its daily 200 ema. Further down, support is located at the 880.15 level, marking its May 01’09 low. On the whole, while Gold still maintains its overall medium to longer term uptrend, it now challenged by nearer term corrective pullbacks
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