Tuesday, April 14, 2009

Gold Still Bearish Under $902, but Ultimately $911; April 14, 2009

Gold weakened as the US session went on today but has floated higher in the after hours session. With a nice 3 waves up on the 4hr chart above, I'd like to see the $902 level hold to maintain the bearish outlook on gold. A break of $902 might create a 5 wave rally and cause concern. Ultimately the $911 level needs to stay intact though so I remain bearish as long as the metal trades under $911.

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