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Technical Summary: GOLD On The Defensive
Thursday, March 04, 2010
by Mohammed Isah of FXTechstrategy.com
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Technical Summary: GOLD On The Defensive
GOLD has backed off its Wednesday high at 1,144.88 on Thursday reversing its Wednesday gains and threatening to retarget the 130.93 level. While the commodity holds above the 1,094.66 and 1,088.20 levels, its recovery triggered from the 1,044.20 level is preserved and another attempt on the 1,144.88 level is likely. Above there will call for a run at the 1,161.88 level. CRUDE OIL also traded lower below its Wednesday high at 81.20 but as long as it maintains above the 78.01 level or even its rising trendline at 77.30 we look for a retarget of the 81.20 level enroute to the 83.93 level. SILVER closed marginally lower after failing at the 17.35 level. The commodity still retains its nearer term uptrend activated off the 14.63 level in early Feb’10. Above the 17.35 is required to open up further upside towards the 18.03 level and then the 19.45 level. WHEAT continues to trade in a range after tumbling off the 513 level on Monday but while the 477 level holds as support, we expect the commodity to head back up through the 513 level and trigger the resumption of its corrective recovery started from the 466 level. Though hesitating, CORN continues to retain most of its recovery gains but requires a break above the 381 level to resume its recovery activated off the 347 level.
Get Clear-cut and Efficient Levels To Trade By Subscribing To Our Commodity Technical Suite This is an excerpt from The Commodity Suite package), a 5-commodity model analysis utilized by all levels of traders. View The Service Information This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
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About the author
Mohammed Isah is a Technical Strategist and head of research at FXTechstrategy.com, a technical research website. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXTechstrategy.com. Mohammed has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, Thestreet.com, MoneyShow, The Technical analysis of Stocks & Commodities Magazine, Businessinsider and FXstreet.com At FXTechstrategy.com he writes daily and weekly technical commentaries on currencies and commodities which are offered to its clients. He provides full coverage of the forex market with specific daily focus on 7 currencies (EURUSD, GBPUSD, USDJPY, EURGBP, EURJPY, AUDUSD and USDCAD) and the Dollar Index utilizing various technical tools and strategies. He also covers the commodities market twice in a week focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN, WHEAT and CRB Index. Mohammed can be reached via email at m.isah@fxtechstrategy.com.
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