FX.co ★ GOLD Bearish Outlook, March 10, 2011 (Daily Strategy)

GOLD

Gold has broken its uptrend that took from January 27 (1308.50) that carried to its annual maximum in 1445 (1st monthly resistance).

However, gold is showing signs of downward trend, and we can add that is below the weekly pivot (1425) gold from this level will come to your monthly pivot, where we leave our short position, around the level of 1384.00

The indicator Momentum and RSI supports our bearish outlook.