Friday, March 06, 2009

Gold breakout: Optimists....

With the jobs data looking gold traders have taken a glass half empty approach and pushed prices out of a short term downward channel. The advance is just short of a Fibonacci retracement level but it a new channel is developing; the question is whether it's up or sideways?


How will oil respond? 50-day MA looks critical with a big void to the 200-day MA.


Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
 
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