GOLD, everything is set for a new low!?
I wrote in my previous gold analysis, that gold bears would like to take 1132/37. This is how weekly gold chart looks like! It seams that everything is set for a new low level here? The first line of defense is 1147/42, second the stronger one is previous low from November at 1132. If that level brakes, gold bears will aim the low from January and February 2010., level 1072–>1037. Ok, keep in mind that this is weekly chart and that bellow 1132 could be a minor supports which could stop the fall. The first support bellow 1132 could be 1110, the low from April 2010. Sure, if FOMC tomorow ‘fail’ with concrete mesures and statement, gold could bounce up toward 1180! Let’s see how this battle will end the week!?