12 března 2009

12/3 "Head and shoulders" pattern is forming in gold

Gold advanced for a second day in Asia on the demand for the precious metal as a haven amid a decline in equities and the dollar.

A “head and shoulders” pattern is forming in gold, indicating possible further gains if prices hold above $890. Gold has to break the downside and clearly penetrate and close below it. Likewise if above $890 a good rebound to $940-950 will be the range in the coming days..

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