Gold futures, week ending Mar. 30 2012
(Daily price bars)
Outlook – week of April 2, 2012
Based on the daily chart, GOLD has been near the downtrend line (Red) of intermediate-term and uptrend line (Black) of long term. The rising bottoms had been holding up the futures last week.
This week the 1660-1650 range will become the key zone. If the decline is going to continue the market needs to prevent GOLD from breaking above the 20- and 40-day moving averages resistance this week.
A failure to breakout those two current resistance lines, but instead breaking down resistance around 1640, could favor a further downside toward 1613-1606 or lower to 1597-1584 range.
Recent concern about inflation will affect GOLD prices in either direction. This feels like a crossroads for gold.
To see the complete outlook for the week of Aprilo 2, 2012, go to:
