Wesley Chapel, Florida, February 9, 2009 — April Comex gold futures have been trending higher since the October 2008 low of $689.70 an ounce. The 3.5-month-old uptrend on the daily bar chart produced a 3.5-month high of $931.30 on January 30. A close above that price level would be another bullish upside technical clue to suggest a quick move to the October 2008 high of $938.20, basis April gold futures. Above that lies strong psychological resistance at $1,000.00 an ounce and then more strong chart resistance at the contract high of $1,005.30, scored in July of 2008.
Also, the key VantagePoint Intermarket Analysis trading tool (www.TraderTech.com) also suggests more upside price pressure for April gold in the near term. VantagePoint is a valuable trading tool that employs “Intermarket” analysis to forecast near-term price trends. Indeed, gold as been a key “outside market” for which many other markets have focused upon for many months. That’s just one more example of the Intermarket phenomenon that has occurred in markets since they began trading.
Source: VantagePoint Intermarket Analysis Software (www.TraderTech.com)
See on the VantagePoint daily bar chart for April gold that the Predicted Short Term Crossover study shows the blue predicted 2 day exponential moving average is still above the actual black 5 day simple moving average close, which is a near-term bullish signal.
The Predicted Short Term Crossover is the predicted 2 day exponential moving average of typical prices two days ahead crosses above or below the actual 5 day simple moving average close.
Also note on the daily chart for March soybeans that VantagePoint’s Predicted Neural Index (PIndex) is presently reading 1.00, also suggesting upside price pressure for April gold in the near term. When the predicted simple three-day moving average value of typical prices is greater than today’s actual three-day moving average value, the Predicted Neural Index is “1.00,” indicating that the market is expected to move higher over the next two days. When the predicted simple three-day moving average value of typical prices is less than today’s actual three-day moving average value, the Predicted Neural Index is “0.00,” indicating the market is expected to move lower over the next two days. The PIndex is a proprietary indicator that predicts whether or not a three-day simple moving average of the typical price will be higher or lower two days in the future than it is today. The Predicted Neural Index compares two three-day moving averages to one another – today’s actual three-day moving average with a predicted three-day moving average.
To see more FREE recent market predictions for gold go here!
