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Gold Trends Intra Day Gold Update – Mar 14th

Last nights website listed resistance at 1434-1444 and the high so far is 1433. Support was listed at 1398-1410 and the low so far is 1418.

London Gold Fix $1424.50

In early Monday action the gold market is facing some countervailing forces. On one hand, the uncertainty off the Japanese situation seems to be providing gold with some support but on the other hand, there continues to be an overriding fear that recent events are poised to throw the global economy back into a slowdown. Weaker oil and commodity prices and weakness in global equity markets overnight has market participants in uncertainly today. So far gold is higher and that suggests that gold is still being seen as a safe haven instrument. The thinking this morning is recent events have increased the need to leave global liquidity high and that appears to make the task of controlling inflation a little more problematic. With Indian gold prices trading higher overnight, it seems as if many eyes in the gold market are focused on the unfolding nuclear threat in Japan. While the premium on gold bars continued to jump overnight and to some that hints at gold’s ongoing move to quality status. Reports of more explosions at the reactor in Japan are being reported this morning.

Going to the price chart — the lows from last week was a double hit of the dotted trend line. As long as that area holds the potential for gold to move higher remains in play. On the upside — there have been repetitive tests of the 1430-1435 area and it looks like gold wants to move above that area.

Support for the remainder of the day is the 1417-1422 area and resistance is 1434-1444. The lower red channel line is current resistance to the upside near 1435 and extending higher as the week progresses.

Once again we see NO move to the US Dollar and it is currently hanging on a thread to its downtrend lines.

In summary — Japan plant safety and the uncertainty of the developing situation is the markets main concern but it seems as things have at least stabilized in most markets for the moment but markets remain on edge.

Gold support looks good in the 1417-1422 area. There is current hesitation near the 1430 area and there have been repetitive attemps for gold to move above 1435 since the beginning of March. If you run a 15 min chart you’ll see the action there. This still remains the key area today for gold to break above in order to end the trade range we’ve seen so far in March. The upside still has the advantage —- and a close above 1430 would add to that outlook of higher price this week.

by Bill Downey

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Thoughts
"For a mountaineer, the important things are the effort, the posture and the muscles. The rope that holds him serves no purpose when everything works but it gives him a sense of security. In the same way, all gold does is ensure confidence; it's a safe haven."