Archived IMT (2010.02.05)

NOT ONCE BUT TWICE did gold demonstrate a classic failure; Jan 11 (failure to break about the 38% retracement at 1168) and Feb 3 (failure to regain the 2-month trend line resistance at 1123), getting us near the 1040 target. Looking into next week, the key support now stands 1020. The possibility of $990 before month end stands at 50%. Any pullback in the USD in Asia Monday may lift boost gold to as high as 1075, but resistance wil need to hold at 1098, followed by 1123.

SEE ASHRAF AT THE THIS MONTHS TRADERS EXPO IN NYC (pictures from last year http://chart.ly/6wkr4m )