Gold close to breaking 2008 downward trend
January 26th, 2009 by Goldfinger | Filed under technical outlook.Spot gold is touching up against the downward trendline in place since March 2008. Look to add a long gold position on a break of this trendline, and confirmation break above the most recent swing high at 931.
More economic bad news could prevent a sustained breakout. Until it is clear that monetary reflation is working, gold could sit within a broad trading range.
