Gold has regained ground lost last week, with the April COMEX contract closing up more than $16 an ounce on Tuesday, March 25 at $935. There is a double-bottom in the daily chart of gold that should offer support around $904. I would like to see closes in the April contract at $936.40, the 50-day moving average, to confirm the lows are in, and the market came close yesterday. Confirmation in the way of a close above that level, and I think gold can move to new highs. However, I am not sure the recent washout is quite done yet, and I want to see some confirmation before Id be stepping back in.[...]
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[Source: The Money Blogs]
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