The close under the 40-day moving average indicates the longer-term trend could
be turning down. Momentum studies trending lower at mid-range should accelerate
a move lower if support levels are taken out. The market's close below the 9-day
moving average is an indication the short-term trend remains negative. The
market's close below the 1st swing support number suggests a moderately negative
setup for today. The next downside target is 3165.0. The next area of resistance
is around 3365.0 and 3450.0, while 1st support hits today at 3217.5 and below
there at 3165.0.
COMEX GOLD (APR) 03/07/2012: The close under the 60-day moving average indicates the longer-term trend could be turning down. Daily stochastics are trending lower but have declined into oversold territory. The market's short-term trend is negative as the close remains below the 9-day moving average. There could be some early pressure today given the market's negative setup with the close below the 2nd swing support. The next downside target is 1639.4. The next area of resistance is around 1695.1 and 1720.1, while 1st support hits today at 1655.7 and below there at 1639.4.
COMEX GOLD (APR) 03/07/2012: The close under the 60-day moving average indicates the longer-term trend could be turning down. Daily stochastics are trending lower but have declined into oversold territory. The market's short-term trend is negative as the close remains below the 9-day moving average. There could be some early pressure today given the market's negative setup with the close below the 2nd swing support. The next downside target is 1639.4. The next area of resistance is around 1695.1 and 1720.1, while 1st support hits today at 1655.7 and below there at 1639.4.
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