Monday, December 21, 2009
Gold sell-off in US session
Gold finally broke through support I defined earlier 1110.30 and failed to convincingly break through resistance and hold above it. This makes sense since gold is in a long term down-trend according to my daily charts. A slight bounce occurred at 1089.95 which gives new resistance of 1101.14 and 1104.60 - the later is new major resistance point (1104.60) where alot of price action occurred and a 30m Fibonacci level. A strong sell-off occurred during US session pushing bellow 1110.30 former support and establishing new short term low. Buying interest from the bounce so far is weak and has to pick up momentum of buying to make a meaningful rally. Another key price point I have defined is 1098.47. Above 1098.47 could establish a uptrend but a look at the daily is very bearish after the long slide below 1200 and if 1098.47 holds it should see lower levels soon and possible take out 1089.95 the recent low. When gold made all-time highs the dollar wasn't making all-time lows which is a positive divergence for the dollar. All in all I see alot of resistance and not much support. The path of least resistance is lower if oversold conditions don't provide a bounce of some sort. If 1089.95 is taken out it should be important resistance.
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