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Technically, the gold market bulls have faded Friday

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jellogan   Friday, 01/14/11 09:37:11 AM
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Technically, the gold market bulls have faded Friday morning and February futures are in danger of posting a bearish weekly low close. Morning price levels Friday are also poised to produce a fresh six-week-low close. A bearish head-and-shoulders top reversal pattern still could be forming on the daily bar chart for February Comex gold.

Gold market bulls do still have the overall near-term and longer-term technical advantage, but do need to show fresh power soon to gain fresh upside near-term chart momentum. Prices have been trading choppy and sideways at higher price levels for three months. This does suggest the bulls have become tired amid a mature bull market. The fact that other commodity futures markets have rallied strongly recently, while gold has languished, is also a bit worrisome for the gold market bulls.

Gold bulls' next near-term upside technical objective is to produce a close above major psychological resistance at $1,400.00. Bears' next near-term downside price objective is closing prices below solid technical support at last week's low of $1,352.70. First resistance is seen at $1,370.00 and then at the overnight high of $1,377.80. Support is seen at the overnight low of $1,362.80 and then at $1,352.70.

http://www.kitco.com/reports/KitcoNews20110114JW_am.html

SELL AT THE ASK!

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