The Gold Price Rose $3.30 to close at $1,650 Must Break out Upside Through $1,670

By Shaun White On March 22, 2012 In gold With No Comment

Nothing fruitful took place for the silver and GOLD PRICE today. True, they rose a little, but not enough to alter the downtrend. The GOLD PRICE rose 3.30 to $1,650 and silver rose 39.4c to 3219.9c.

The GOLD/SILVER RATIO gives us a feeling of where we are and where we are headed. It keeps see-sawing upwards. Oh, it fell today from 51.775 to 51.244, but three days ago its was at 50.626.

The GOLD PRICE reached a little higher today at 1661.65 than yesterday’s high at $1,657.80. Low came a little higher, too, at $1,647.08 against $1,641.90. Never mind, it’s still range-bound trading. Must break out upside through $1,670, or down at at $1,640. Till then, range-bound trading is just noise. Meanwhile, gold remains below its 50 DMA ($1,705.43), 150 DMA ($1,711.55), and 200 DMA ($1,681.82). Can’t argue that momentum points down.

About the author

: Shaun White

Shaun is the lead developer for the web creation company Latrotech. He has more recently been appointed to the team at Northern Gold to bring their marketing strategy into the 21 century.