Posted by: Babu Suresh | March 10, 2009

Spot-Gold-Analysis-10-Mar-09

Spot-Gold-1H-4H-ChartsSpot_Gold_1H_4H_Chart_10-03-09

Spot Gold has shed about $100 from her recent high. Has the media hyped safe heaven status been stripped off all of a sudden, in anticipation of better results from most of the devastated banks or due to stocks rallying out of frustration, if not for anything else.

Nevertheless, I would be prepared in the worst case scenario for her to take support at $869 with $917 as resistance.

DJIA-Spot-10–Mar.09DJIA-SPOT-10-03-09

Several questions are running in the minds of both Short-Bulls as well as Long-Bulls and with idlers as well, chiefly whether this rally of frustration will last a while. Its quite apparent after last week’s relief rally, the Short-Bulls are totally anguished to keep continuing their Shorts and are desperate for the Long-Bulls to take over from here as there are hardly any stocks worth shorting. They are visibly looking for a relief from a year long Short battle, which they have clearly won and now they are fed up and fatigued of beating the dead stocks.

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