Sunday, April 18, 2010

Gold Opportunity (2010-04-18 Gold analysis)

After SEC charged Goldman Sachs with fraud, this most profitable company in Wall Street dropped 13% last Friday and led to a plunge in US and Europe stock markets. Not only did the stocks fall, but also the Gold price turned downwards after reaching the highest in two quarters.

I have used fibs projections and found that actually there is a great support by the 50%-line at around 1,126.76.



There is a very large support here and the price is more likely to be pushed upwards. This would be a "gold" opportunity to get some long positions for it.

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