Technical Summary: GOLD Under Bear Pressure
Thursday, March 11, 2010
by Mohammed Isah of FXTechstrategy.com
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Technical Summary: GOLD Under Bear Pressure
With a reversal of its intraday gains on Wednesday, GOLD is now facing downside pressure and looks to retest its Wednesday low at 1,103.22 ahead of the 1,08820 level, where we expect a cap to turn the commodity back up again. Resistance is seen at the 1,144.88 level and the 1,161.88 level. CRUDE OIL is holding up better than gold, reversing its intraday losses and turning higher today. Immediate risk remains for a recapture of the 83.00 level and ultimately its medium term swing high at 83.93. Above there will resume its MT trend and target the 85.00 level. On any pullback, the 80.75 level will be targeted. SILVER has reversed its intraday losses and turned higher after testing a low of 18.80 today. Threats are now seen towards its Wednesday high at 17.62 with a loss of there setting the stage for a run at the 18.87 level. While the commodity maintains above the 16.31 level and its rising long-term channel support at 16.10, higher prices are expected.
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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.
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, and The International Business Times etc.
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. 
