Will Gold Correct Further?

04/07/2009 9:12 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart

Gold futures dropped sharply Monday as the June contract closed below the 50% fan line and the 38% retracement support was tested. Therefore, a drop to the 61.8% fan line and retracement support at $850-870 is more likely. First resistance is at $950 and next resistance is at $970. The longer-term analysis is still positive.

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