Gold 4 March 2011

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Gold price create a new high for 2011 at 1440.44 on yesterday due to riot in Libya. As usual, whenever we face a uncertainty or fear… we will looking for something safe such as gold and silver.

But now gold price start to reverse and currently testing its lower trendline on 1 hour timeframe. Frankly speaking, I do hope gold price will breakout the lower trendline (either for retracement or bearish).

Break the lower trendline will bring the price to test 62% fibonacci level on the chart. Then let see what will happen tomorrow.

PS: Hey Gaddafi, could you stepped down and let the market relax? Oughh..you only make me toying with the market.. LOL!

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