Watch $900 on Feb Gold

01/08/2009 2:12 pm EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart

The February gold contract slightly exceeded its downtrend in late December before turning lower. The longer-term analysis suggests that the decline from the early-2008 highs is a correction within the major uptrend, but a strong move above resistance at $900 and then $950 is needed to support this view.

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