Gold's Downside Break

by Ashraf Laidi

Apr 6, 2009 12:16

Golds break below 880 support (38% retracement of the rise from the Oct lows) has been partly brought about by the broadening of the equity market bouncesector rotation beyond health care and into technology and financials away from metals. Last weeks IMF announcement to allow gold sales for funding was also instrumental in accelerating golds retreat. A close below the 100-day MA of 878 should pave the way for the $855-860 territory, which is both the 200-DAY and 50-WEEK moving averages. A break below this level could start looking like the beginning of a Head&Shoulder.

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