GOLD pivots 2/25/2010

[ask2lern]

Morning all here are Gold Pivots………………..

R4 1139.67
Mid Point 1132.77
R3 1125.87
Mid Point 1118.97
R2 1112.07
Mid Point 1108.60
R1 1105.13

Pivot Point 1098.27

Mid Point 1094.80
S1 1091.33
Mid Point 1087.90
S2 1084.47
Mid Point 1077.57
S3 1070.67
Mid Point 1063.77
S4 1056.87

Looks like it is staying range bound ………….could see a bit of downside pressure but seem to stay above that 1090 level despite intraday moves slightly below………….GL

Mike I realized that I forgot to get you that IRA info. I will do it when I get to the office this am………..

[Mikey]

Thanks for the marks Ask, and no rush on the info, appreciate you sending it.

Here's my chart O the day for gold, with Fibonacci retracements.

I forsee three possible targets as a retracement of the rally from the Jan '09 lows ($800) to Dec '09 highs ($1,220):

A - 38.2% retracement - $1,060 - also the rising 155dma which has had several touches along the rally (including early-Feb 2010), AND the $1,060 level has served as S/R several times over the past year

B - 50% retracement - $1,010 - logical place for turnaround also, as eager buys may move in before it hits $1,000 - this level was also resistance in Sept '09

C - 61.8% retracement - $960 - also the rising 365dma and historical area of S/R

Take a look and let me know what you think:

[jack]

Mikey,

NOTE TO SELF: Later this year around the Oct/Nov timeframe BUY GOLD with both feet to take advantage of the holiday run-up!

[ask2lern]

Nice chart........currently I see 1090 as mild support...........as far as the fib's I rate them this way in the next 90 days........

$1060 - 70% chance but is considered a very key level of support
$1010 - 30%
$960 - 5% unless $1000 gets breeched then 95%..........

Long term I still think higher..................I will get that IRA info to you.........GL

[Mikey]

Thanks for the feedback - check this one out