Are we at the bottom II?

Are we at the bottom II?

23.03.2012. 08:03 CET

COMM: GOLD :  We are at 61,8 % Fibonacci I wrote this as a first one I hope :) and I did it ............indicating 1635 and now 16(28) as second deep and we will see what next , hope for upper levels now.

 

Gold may remain weak for at least the near term, says Ira Epstein, director of the Ira Epstein division of The Linn Group. Seasonally, gold tends to make a break in early March that often ends in late March. But whereas the time may be approaching to be on the lookout for a momentum change, this has not taken place yet and often doesn’t until early April, Epstein says. “Therefore the bears remain in control for the time being,” he says. He later adds: “The economies of Europe and Asia are stumbling. Inflation is not yet an issue. Iran is not making headlines….http://www.kitco.com/  

(Kitco News) - Comex gold’s pullback has taken it back to the $1,627 an ounce area, which around 61.8% Fibonacci retracement of the prior rally from the December low to the February  high, says Triland Metals. “This level has kept the market in check for now,” Triland says. “One of the catalysts for today’s move could be blamed on the Chinese PMI (Purchasing Managers Index) figure, which seems to indicate that a continuing slowdown is happening in the Chinese economy and that inflation fears are lessening. This market remains very long with first notice day for the main Comex contract (April) approaching.” As of 2:15 p.m. EDT, April gold was $8.50 lower at $1,641.80 an ounce after bottoming at $1,627.50, its weakest level since Jan. 10.

 " I opted for lows and it come so quickly; and now we are in a very important moment : 50% - 61,8% Fibo of our peaks 1760-90.  My arrow indicated level round 1635 per oz. and we where yesterday and during night exactly there. So here should be decided where market will go for next weeks!  Reading all news  and comms I have only one feeling where were all those analitics before this drop down? I heard only about bounce of gold. So this time I bet  for change. Even a few dollars ( 28) sway should not change the picture.