- ANZ (based on CNBC)
Gold has formally broken the long-term uptrend line near 1,245 yesterday, but it has a chance to show the bulls remain active. The drop was caused by stronger Greenback, which recovered after the astonishing slide last week. The key watch is on 1,250 for the next 24 hours. Ability to close above here will revive the possibility of a rally beyond the February high located at 1,263.50. The main support is still offered by the 20-day at 1,241. Reliability of this lonely demand can be questioned, while a failure here will keep traders focused on much lower levels circa 1,205/12.
Monday has seen an improvement in terms of the side of SWFX positions. It added three percent to increase up to 34% by the March 22 morning.