GOLD (Futures): Gold closed lower the past week backing off higher level prices and subsequently collapsing to take back part of its previous week gains. The commodity still retains its medium to longer term uptrend while holding above its longer rising trendline currently at 1,060 and the 1,030.85 level, its 2008 high. This suggests its current price action remains corrective of the mentioned trend and looks to resume that trend on ending its present corrective price activities. If the 1.161.88 level, it Jan 11'10 high remains unsurpassed then a decline towards the 1,118.35 level, its Jan 13'10 low is expected with a turn below there paving the way for a run at the 1,093.21 level, its Jan 04'10 low. A turn below there will put Gold on the path to further downside towards the 1,074.80 level where a halt could be seen. Its weekly RSI is pointing lower suggesting further downside weakness. On the other hand, if a return above the 1,161.88 level occurs, further strength should build up towards another chart level at the 1,168 level, its Dec 08'09 high followed by the 1,200 level and next the 1,226.37 level, its 2009 high. On the whole, though witnessing corrective price activities, Gold continues to retain its medium to longer term uptrend.
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