Will Gold Correct Further?
04/07/2009 9:12 am EST
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.