The Fact is USD 938/oz is the important resistance for Gold. Gold hit an all time high of USD 936.61/oz , after the Fed cut the interest rate by another 50 basis points. At current level, gold is overbought. USD 938/oz is an important resistance.
On a break, gold is likely to rally up to USD 971/oz. In the short term, by closely only above USD 938/oz with a trailing stop loss and a trade profit target of USD 971/oz. for the day, we expect the spot gold to trade in a range between USD 916/oz to USD 938/oz. Medium term support lies at USD 903.55/oz.
According to the reports of the World Gold Council,the price to touch USD 1,000/oz by mid week of March 2008. This is defintely possible if the gold stays above 90./oz levels.
Support levels fro April Gold :
Resistance 3 968.87
Resistance 2 954.13
Resistance 1 945.97
Pivot 931.23
Support 1 923.07
Support 2 908.33
Support 3 900.17
No comments:
Post a Comment