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Gold price holds steady around $1650

After the fireworks in the gold market the past couple of weeks the gold price is still coming under selling pressure. After rallying yesterday to close around $1663 the selling has resumed again this morning, taking the price back down below the $1650 level..

Gold $:

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Gold €:

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Gold £:

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Downside levels to look out for are $1634 – a close below this level could signal further selling that is likely to take the gold price to just above $1600 in short order. For any upside momentum to gather gold really needs to close back above $1680.

So at the moment gold is directionally in limbo but the price action this morning is making gold appear soft. However as we pointed out last week it’s worth remembering that gold is still sitting comfortably above its longterm trend line for the past 4 year – it would take a close below $1600 to violate this long term trend.

Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-holds-steady-around-1650-6391/

Posted by on Mar 20 2012. Filed under Analysis, Gold News, Markets. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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