Sunday, December 20, 2009

Gold 50 dma

Gold last week, was capped by the monthly Pivot(yellow line marked P) at 1141, and support was 1100. Gold has now pulled back 10% from the highs earlier in the month. Gold is making a bullish harami pattern, but needs confirmation. The short term trend is still down(long term is still up), but that may change this week if gold can break above the 20dma at 1156. I think gold will trade between 1156 and 1050. If 1120 breaks we go to 1156.....if 1085 breaks we go to 1050.