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Gold Trends Intra Day Gold Update – Mar 7th

In last nights website update resistance was listed at 1438-1444 and the high so far is 1444.50 — support was listed at 1420-1427 and the low so far is 1430.50

London Gold Fix $1437.00

Oil prices are up this morning with conditions in Libya still very tense

With continued unrest in the Middle East and with protest day Saudi Arabia due later this week, the Middle East should remain in headlines this week.

The Commitments of Traders Futures and Options report as of March 1st for Gold showed Non-Commercial traders were net long 230,325 contracts, an increase of 17,075 contracts. The Commercial traders were net short 286,120 contracts, an increase of 19,329 contracts. The Non-reportable traders were net long 55,794 contracts, an increase of 2,253 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 286,119 contracts. This represents an increase of 19,328 contracts in the net long position held by these traders.

The gold market opened strong in Asian trade on Monday and prices maintained a steady bid of 1435 to 1438 throughout the London session and into the 6 am EST period where price then moved up to the 1444 area going into the comex New York Open. Since then price has begun a pullback that has brought gold back to the 1432 area.

First support is the 1426-1430 area and resistance is the 1438-1444 area. Key Resistance is the upper red channel line near the 1455 area. As long as price is above the red channel line near the 1420 area, the short term trend remains up.

Gold2HrSpotMar72011
Thanks to Bill Downey of Goldtrends.net

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