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Thursday, March 4, 2010

TEMPERATURE RISING >>> Yellow Fever @75 MA

Gold >>> Another Leg Up After 75-days Moving Averages Breakout?

Gold broke the 75 day moving average and is now trading at six week highs, as attention now turns to a big week on the economic front (Please refer to more economic market news at bottom of this article).

April gold was higher overnight as it extends the rally off last Thursday's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off February's low, January's high crossing at 1166.70 is the next upside target. Closes below the 20-day moving average crossing at 1102.30 would confirm that a short-term top has been posted.

First resistance is the overnight high crossing at 1144.40. Second resistance is January's high crossing at 1166.70.

First support is the 10-day moving average crossing at 1117.50. Second support is the 20-day moving average crossing at 1102.30.

More Market Moving News ..........
Tonight sees the release of employment figures in the US, and the closely watched Beige Book later when the cock crows (Local Malaysian time).
Tomorrow we have interest rate decisions in the UK and Eurozone, and the week closes with non-farms on Friday.

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