Gold is trading back below its highly psychological $1100/oz level amid weakness in the Cable and Aussie. Gold’s large leg down during today’s Asia trading session is a bit mysterious since the precious metal exhibited a relative weakness. That being said, investors should keep an eye on activity in the Dollar. Investors will have their eyes fixed on U.S. New Home Sales and Bernanke’s Congressional testimony. Statements from Bernanke have the potential to create
Technically speaking, gold faces multiple downtrend lines along with intraday and 2/22 highs. As for the downside, gold has multiple uptrend lines serving as technical cushions along with 2/18 lows and the highly psychological $1100/oz level should it be tested.
Present Price: $1094.25/oz
Resistances: $1096.04/oz, $1098.51/oz, $1100.74/ oz, $1106.18/oz, $1107.91/oz
Supports: $1093.81/oz, $1091.58/oz, $1089.87/oz, $1087.66/oz, $1085.21/oz, $1083.25/oz
Psychological: $1100/oz, $1125/oz, February highs and lows
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