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(K1) Bull Rally Pauses

GOLD TECHS
  • RES 4: $464.95 - Weekly High Feb 18, 2011 (cont)
  • RES 3: $456.50 - 3% Upper Bollinger Band
  • RES 2: $454.00 - Weekly High Aug 5, 2011 (cont)
  • RES 1: $436.30 - High Feb 25
  • PRICE: $416.10 @ 15:03 GMT Feb 26
  • SUP 1: $406.65 - Low Feb 22
  • SUP 2: $370.51 - 20-day EMA
  • SUP 3: $359.46 - 50-day EMA
  • SUP 4: $349.85 - Low Jan 28 and the bear trigger

The rip higher in copper futures this week paused Friday, with the price slipping into the Friday close. Nonetheless, the uptrend remains in tact for now, with the price having established a base above the psychological 400.00 level as well as all nearby Fib projections. With momentum studies bullish (but overbought) and moving average signals also pointing north, further gains are likely near-term. $456.50, the 3% Upper Bollinger Band, appears to have provided some resistance, but a clear through here opens up the 2011 highs of 464.95 longer-term.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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