Gold - Technical Outlook

By IBTimes Staff Reporter | February 08 2010 11:29 AM

Sponsorship Link

Gold closed lower due to short covering on Friday as it consolidated some of the decline off December's high. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bearish signalling that additional weakness is possible near-term. If it extends this week's decline, the 38% retracement level of the 2008-2009-rally crossing is the next downside target. Multiple closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.

More in Commodities

Energy - Balancing the Bonanza: Interview with Mark Thoma

Energy - Balancing the Bonanza: Interview with Mark Thoma

Brent Slips Toward $100 on Strong Dollar and Weak Chinese PMI

Brent Slips Toward $100 on Strong Dollar and Weak Chinese PMI

Brent Dips on US Demand Woes

Brent Dips on US Demand Woes

Commodities Are Falling Fast As So-Called 'Supercycle' Winds Down

Commodities Are Falling Fast As So-Called 'Supercycle' Winds Down

In Depth

White Tiger Genetic Secret Unveiled: Single Mutation In Single Gene Removes Orange Color [PHOTOS]

White Tiger's Genetic Secret Unlocked By Scientists [PHOTOS]

Obama Heckler Medea Benjamin Of Code Pink Acknowledged During President's Drone Speech: 'That Woman Is Worth Listening To' [VIDEO, PHOTO]

Obama, With Deft Words, Copes With Heckler During Drone Speech

Alibaba Subsidiary Lets Small And Medium Sized-Companies Hedge Against Fluctuating Yuan

Alibaba Has Something For Companies Who Don't Like A Fluctuating Yuan

Joe Biden's UPenn Commencement Address Upsets Chinese International Students

UPenn's Chinese Students Demand Biden Apologize For Graduation Speech

web counter