Gold breaks 1000 16:45 (CET)

24 September 2009 @ 04:27 pm EDT

After the bad US housing data, gold just broke the two key supports at 1000 and 997.00 dollars per ounce of gold. Right now, traders are preferring to trade with the dollar, due to its haven statute.The pair is now trading at 996.38 dollars per ounce of gold. According to the bands of Bollinger, the pair has a 20 pips volatility, while the 14 period RSI is clearly oversold.

If the trend remains to the downside, the next support will be at fibo 23.60%, while if it rebounds, the nearest resistance is found at 997.00.

For more forex information, go to www.forexyard.com

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