Gold Looks Ready to Surge

04/29/2010 9:20 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

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The action in gold has improved steadily over the past month as the OBV moved above first resistance in late March and has now moved above last December’s highs and is acting stronger than prices. Gold closed right at next resistance, and once above the prior highs, the next Fibonacci targets for the June gold contracts are at 1250-1280 and then in the 1350 area. There is first support for the June contract at 1130 with key support at 1095.

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