Thursday, March 10, 2011

Gold MR1 pivot

Gold futures went up to the Monthly R1 Pivot(white circle on the top of the chart) and now has pulled back to the 20dma(yellow line). Look for a little bounce here off the 20dma and retest the 8dma(1420) before going down to test the Monthly Pivot Point(Mpp) at 1385 and open gap there. Buy the dips as long as the 150 dma holds (1350).
Gold hit the MPP(1385) this morning ....PIVOT POWER!