Gold Mid Week Update Wednesday

The pullback from has Thursday has found support near 1410 on three different pullbacks. The Wednesday low reached the lower purple trend line and price has bounced off it for the moment. Today's price failure at the 1430 area didn't look so pretty on he hourly chart and does raise a bit of concern. It seems the shorts don't want gold to close out the quarter much higher than we currently are at. The roll over from April to June is probably causing some of the volitility as well. THE key at this point from a chart perspective --- is to get a daily close above 1436 and then 1444. That would tilt the odds to higher. A close below the 1403-1405 area would be suggestive of a test of 1387-1392. The lower purple trend line should provide initial support --- and it would seem that the 1409-1410 area is an important area to hold on a closing basis as well. With the quarterly close on Thursday and the unemployment report on Friday -- its possible for gold to remain in a choppy fashion a bit longer. Once Friday morning is out of the way --- we should get a good glimpse if gold is heading higher. CLOSES Above 1436 and then 1444 would suggest higher into the first week of April.

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