Fundamental analysis for precious metals gold - 4/16/2009

16 April 2009 @ 03:40 am EDT

Finally, gold is moving freely out from the upper line of the minor descending channel with a continuous daily close above 881.00(38.2%) Fibonacci of the entire medium term rally started at 679.00 and topped out at 1006.00 claiming that the upside action is under construction although the tight range which the price is trapped in supported by SMA 50-currently located at 886.00- pushing it from below while stochastic, William%R and CCI show obvious oversold signal . A break of 896.00 –represents the value of Ichimoku’s span B- will indicate that the bullishness will be faster. All we need now is more volume to activate these positive signals.

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