Sunday, March 6, 2011

Gold and Silver on Mon 7-Mar-2011


Gold currently resisted at 1440, due for a short term correction before going up higher.
With the rumours on rising interest rates, I doubt the Gold current support 1414 can be an ideal level to establish long.

Ayumi prefer to initiate short term position this week, bias down, short at 1336 - 1440 top region, SL 6 pts away, initial target 1414, 2nd target 1396.

This week, if Gold settle below 1400 level, without any reversal sign on Day chart, Gold is likely to complete the correction to 1370 in coming weeks.

Till then we will observe for opportunity to hunt for Long in the Gold market, my annual target for Gold lies at 1600-20.

On the other hand, with current fundamental development, Gold may also go higher before correction take place, if Gold break above 1440 resistance and close with a bullish candle above 1441, Gold may continue to head north target 1480.


The bull is too fierce, the range is too big... :) No comment, no forecast, no trade. :)

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