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, the free stock alerts, market alerts and stock charts website