Gold Close March 7th

Gold prices moved up to 1444 -- a daily price resistance point before a pullback into the close. Support going into Tuesday is the lower red channel line in the 1418-1422 area and resistance is the upper channel line in the 1450-1455 area. Short term cycles are due for a pullback --- but with the geopolitical events --- they certainly could be brushed aside. As long as price is in the uptrending channel -- the trend is still up but I'm a bit more cautious going into mid week.


Louis Cypher said...

Thanks Bill,
Looks like Blythe is throwing everything she has at the metals.
Could it be her last stand?

GoldTrends said...

There is certainly a lot more evidence that the supply crunch gains credibility. While she is bloodied ---- we always need to be on guard. It seems there next key area of concern would be the 38 dollar area. But until she can push price below 35 ---- she remains with a sweaty forehead !!!!

Louis Cypher said...

Sitting tight on just about everything.
However, I dumped my HL yesterday but had an order in for GSS this morning. I haven't checked to see if it filled but it should have.

They always go after HL, SLW etc. on any excuse and it's always the same story. Scare the pants off of the retail guy on the stocks and then chase the metals down.

GSS simply looked way oversold to me. I will get back into HL at some point though. Maybe wait for a further beat down and buy some longer term calls.

Keeping an eye on TRE as well for an opening.