Gold 07 Oct '12

Gold Daily Price regained the support of the 9 Period SMA ( Orange Line ). Price action confirmed overhead resistance at the previous high at 1790.00. Only a convincing breakthrough that level and a Daily close above could trigger potential buying orders and push the price higher. Alternatively support on the downside is located at 1776.13 followed by 1767.31 and 1733.69 which is also 38.2% Fib Retracement level. RSI , MACD and Stochastics are still at the overbought level, but they can stay there for a protracted period of time.

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