GOLD opens flat this morning at $1588 after fluctuating between $1577/$1594. Neg-ative sentiment for the bullion was reversed during the U.S. session when the U.S. an-nounced a contraction in retail sales for the 3rd consecutive month, which saw the dollar heading down against all trading counter-parts. Skyrocketing agricultural produce pric-es due to a severe drought also underpinned the gold price. Investors are again advised to stay sidelined as the bullion is struggling for direction as the price narrows in the triangle development. We have reduced our degree of bearishness as crude is threatening to break above a previous high and the market ap-pears to react positively to even negative news. Ben Bernanke will provide an update for the US economy to lawmakers from to-night and we will further peruse market reac-tions.
|3rd Support||2nd Support||1st Support||SPOT||1st Resistance||2nd Resistance||3rd Resistance|