GOLD $882 and £600

GOLD has fallen from the recent HIGH of $1000 (£685) on Thursday 20th Feb 2009.

A Gold cross BUY signal occurred on 9th Feb($875)when the 50ema ($911) crossed above the 200ema ($850)

MACD gave a SELL signal at $950 on Thursday 26th Feb 2009

I am looking fro GOLD to drop over the early part of the week (Mon-Wed), before finding support. A retest of support at $850 with a bounce up to $900 is possible.

The short term trend is bearish while the medium and long term trends are bullish.

Support: $877.90 (yesterday’s low)
Resistance: $909.85 (high of 03/04/09)

Support: $871.05 (low of 07/04/09)
Resistance: $896.97 (high of 06/04/09)

Support: $851.90 (low of 23/01/09)
Resistance: $890.02 (yesterday’s high)

2 ETFs follow the GOLD price for UK investors - PHAU.L ($) and GBSS.L (£)

PHAU.L has support at 86 and 71 with resistance at 94 and 99

GBSS.L has support at £575 and £478 with resistance at £632 and £668

Technicals for £ investors who wish to BUY GBSS.L which is backed by physical GOLD.

D MACD(-131) STOC(34) RSI(39) 5ema(5933) 50ema(6181)
W MACD(347) STOC(19) RSI(62) 5ema(6151) 50ema(5370)
M MACD(???) STOC(69) RSI(68) 5ema(5957)

GOLD latest DAILY signal was a SELL on 26th FEB @ £650
GOLD latest WEEKLY signal was a SELL on 29th March @ £630
GOLD latest MONTHLY signal was a SELL in March @ £627

For reference the BUY signals were triggered at
GOLD latest BUY DAILY signal was on 10th FEB 2009 @ £600
GOLD latest BUY WEEKLY signal was on 23rd Nov 2008 @ £480
GOLD latest BUY MONTHLY signal was Aug 2008 @ £450

Support at the 200ema (£548) could provide a short term investment

I am looking for a turn in the GOLD price within the next 2 weeks.

$800-$820 £544-£554 would be the level I would BUY

Long term investors should accummulate GOLD on pullbacks to $600-700 £400-£480