Gold Hits Key Level

Andrei Pehar from fxKnight.com at 10/12/09

Gold hit a double-top this week, touching a key level last reached during the week of February 15, 2009 and breaking the $1,000.00 mark for the for the third time in about a year and a half.

If price re-tests the 1007.33 level and it holds as support, gold could be headed to 1133.24 during 2010, with resistance on the way to keep an eye on at 1013.10 and 1038.60

If we move down from here, then the 38.2 Fibonacci level at about 882.00 has been the area price has previously found support, with likely shorter-term targets along the way at 971.85 and 930.59