Trading Forecast Gold
March 29, 2011 6:39 AM GMT
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| Gold closed lower due to profit taking on Monday as it consolidates some of this year's rally. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning bearish signalling that a short-term top might be in or is near. Multiple closes below the 10-day moving average crossing are needed to temper the near-term friendly outlook. Closes below the reaction low crossing are needed to confirm that a double top has been posted. If it renews this year's rally into uncharted territory, upside targets will be hard to project. |
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