Gold Market Update

The short term trend remains bullish and is currently at the last resistance line at 1614 before the 1619-1622 resistance and where the last important high in gold was.  That’s the first target for this bounce.  The other target is the 1627-1635 area where 1627 is a Fibonacci number and 1635 is where purple line resistance for the week resides and the 2nd target for this bounce.  Support is the 1604-1607 and the 1594-1597 area for today.  A close above the red channel line at 1614 would target 1625-1635.  In summary the short term trend remains up until next week where the cycles are due to peak and give us a short term pullback into the 1st week of April.  A close below 1573 would suggest the rally is over.  With gold reversing on 2 good economic reports last week and holding at 1614 today on good news, odds favor the short term trend is up until next week.  

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GOLD CURRENT TRADE

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Our Position 

Bought 1Apr Gold on 20/03/2013

Entry: 1605

Stop Loss: 1585

Target to sell --- Sell 1 April Mini gold at 1633

Resistance 1619-1622 and then 1630-1635

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SILVER CURRENT TRADE

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Our Position 

Bought 1May Silver on 21/03/2013

Entry: 29.15

Stop Loss: 28.30

Target

Sell 1 May Silver 30.30
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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. 

 Do your own due diligence. 

No one knows tomorrow's price or circumstance. 
 I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader. 
I do not accept responsibility for being incorrect in my speculations on market trend. 

 King Regards