2012-03-15

The Gold Price Lost $51.20 How Far can it Fall?

Gold price broke $1,680 in European trading, and suddenly looked like a leper in a Turkish bath: no friends at all. Nobody wanted to know gold. It traded down to $1,640 support, and closed Comex at $1,642.50, but in the aftermarket stretched down to $1,634.72. That brought gold's friends out of the shadows and set them to buying -- or at least, covering their short positions.

Tomorrow the battle will take place at $1,635. If gold can turn back its attackers there, it can hold on. Otherwise, the break through the 200 DMA today ($1,679) after gold is already below its 50 DMA (1,701) and 150 Dma (1,715.50) argues for a trip to $1,605.

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