GCJ10 – Comex April Gold (Last:1095.90)

Gold futures look too flaccid Sunday night to suggest they’ll get much of a boost from the healthcare vote.  Although the scary package will create new outlays estimated honestly at $2.4  trillion, the implications for taxpayers are anything but inflationary.  Traders can use  a 1090.00 downside target, with possible resistance to the upside at 1112.00, the target’s midpoint sibling. alternatively, bulls could take modest encouragement from a print exceeding 1109.90, since that would create a bullish impulse leg on the 3-minute chart. _______ UPDATE (10:33 a.m. EST):  The futures have been playing toe-sies with the range I’d provided, topping at 1108.60, then plummeting to 1092.10 overnight. The current target is 1082.70, subject to dithering near 1095 60, its sibling midpoint.

Tagged as: Comex Gold Futures, Forecast, GCJ10, Gold