Gold Looks for $990s

by Ashraf Laidi

Feb 25, 2009 15:45

Today's $25 spike in gold manifests renewed buying after last week's profit-taking at the $1,006 high. As the fundamentals remains largely in support of the metal, and with the al time high standing at $1,038, the incentive to retest this level is significant. The 4-hour chart below conveys bullish technicals eyeing intermittent resistance at $990. We may see repetitive failures of $1,010 just as we saw repeated failures at $920.

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