comex gold outlook

omex Gold: Next resistance around $882.90
12 June 2008 05:51:00

A bearish signal was triggered on a crossover down in the daily stochastics. Momentum studies are declining but have fallen to oversold levels.

The market's close below the 9-day moving average is an indication the short-term trend remains negative. The gap down on the day session chart is bearish, with more selling pressure possible today. The defensive setup, with the close under the 2nd swing support, could cause some early weakness.

The newt downside objective is $851.80. The next are of resistance is around $882.90 and $898.50, while first support hits today at $859.50 and below there at $851.80.


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