The gold price is testing the $910/0z level. Gold punters will be looking to see if it holds its current uptrend, which despite breaking the previous high, might still remain in a channel. The weekly and monthly chart suggest that gold could fall back as low as $900/oz and still remain in its uptrend.On the upside we are looking for gold to break convincingly above $950/oz before we might expect it to rally. These decisions usually hang on the wire...all the more reason before the general market sentiment is poor, so I do expect gold will test that $900/oz level, and tread water for a litlte time before it has another rally.
Andrew Sheldon www.sheldonthinks.com
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