Gold should find resistance at 200 hour M/A
Written March 10, 2010 at 12:13 AM EST by Vincent Facchino
Gold is trading at its 200 hour M/A (1125.19) for the fourth time in the last day of trading. It has not broken above thus far and the 61.8 Fibo adds further resistance at 1125.44.
If the pair breaks through look for a move up to 1130.00, the 100 hour M/A lies at 1129.77. If gold holds a move down to 1118.88 is likely coinciding with the 38.2% Fibo. The latter scenario seems more likely.
Categories: Forex Trading | Tags: Xau/Usd
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