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Gold Trends Intra Day Gold Update – Mar 11th

In last nights web update resistance was listed at 1417 – 1425 and the high so far is 1419. Support was listed at 1398-1405 and the low is 1404.50

London Gold fix 1409.75

CME NEWS

Gold waffled around both sides of unchanged overnight as economic and financial uncertainty by the massive Japan quake overnight.

The gold market will probably turn its attention to tensions in the Middle East, as the day of protest in Saudi Arabia yields some headlines.

While the market is likely to discount supply side news in the trade today, some news agencies overnight pointed out a noted decline in Chinese gold production for the month of February and that could lend some passing support to gold prices.

From a chart standpoint — the lows fom yesterday are holding as they have been tested a number of times overnight. The dotted trend line has provided support for the second day in a row. Support for the remainder of the day is 1398-1405 and resistance remains at 1417-1425. In summary prices should trade in the 1405-1420 range today. We’ll pick it back up next week. Have a great weekend.

by Bill Downey

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