For the last few trading days gold has been in a definite sideways range, trading between the 1750-1775 ranges with a brief high last night of 1781. Currently it looks like support is forming at the 1760 level and resistance has developed at 1775. Looking at the technicals, as well as what is going on with the fundamentals, I do anticipate a move above 1800 before the end of the week. What we need to see is a strong close above the 1775 level for this to happen and from there I do see gold taking out the 1800 level and meeting a new resistance level there, especially now that the Bank of Japan has started its own QE program this morning.
If you would like to discuss the gold market or any other market opportunities please contact me by phone: 800-826-1120 or by email: rhaberkorn@rjofutures.com.
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800-826-1120 312-373-5096 Series 3 Licensed |
Bob Haberkorn
Senior Commodities Broker
Bob started his career in 2005 as a broker with Lind-Waldock. He is often quoted in industry sources, such as the Wall Street Journal in regards to precious metals and the copper market..... Read More
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