Gold Bulls Have made A decision, S&P 500 and the Dollar Not As Clear

10 september 2012 gold analysis, gold forex analysis,gold technical analysis,gold forecast,gold dollar 10 september 2012,gold bulls ,sp 500, us dollar

THE TAKEAWAY: S&P 500 at major resistance, while the Dollar has room to slide. Gold bulls have taken over on QE bets. Black-Gold (crude) appears rather undecided.

S&P 500 – Prices rallied to 1,439.10 which was just one point shy from a high established on May 20, 2008 and closed the week at 1,438.90. Moreover, the previous resistance high at 1,440.20 is also in line to converge with the (light-blue) ascending resistance line which could also serve as a potential sticking point at around the 1,456.70 area. A push through these barriers leaves little resistance in the way which could expose 1,576.10, matching the all time high. Alternatively, price action could range between the 1,440.20 area of resistance down to potential support previously established around 1,287.80 (orange line) area. The 1,287.80 area is also in line to converge with the (light-grey) ascending trendline.

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