Tuesday, March 27, 2012
Commodities
Gold and silver seem to be headed lower at the moment after a very slow day today.The US session seemed to have brought in more volume.Gold seems to have hit a strong level at around the 1690's level that is acting very well as resistance,the 38.2% fib and the 200 SMA .I will be watching to see how it reacts.I will target the 50% level for a conservative profit taking if we get in short later on.
Silver has also reached a crucial resistance level at around 33.16 level that is also the 38% fib retracement level.I will be watching to see if it gives a signal to enter short for a conservative profit to the 50% fib retracement and then later to the 31.50 mark.
I will be watching to see how it all pans out.Good luck trading and lets wait until the final bar closes then we can weigh our options.
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