February 9, 2011 Leave a comment
Spot Gold (XAUUSD) is currently at 1365 or so, but as noted in our previous post today, a daily close or two above 1386 is needed before we can say with some confidence a new high is in sight. For the VST, 1367.90 remains the resistance, and if taken out 1371-1372 will be the target. There is a chance of a breakdown below hourly chart trend support at 1362, which may see 1358 revisited. Currently at 1364, volatility is increasing and we expect a big move one way or the other over the coming 2-4 hours.