Morning Rage 2.3.2012

 Chart of the Day – Gold Here is an excerpt of the The “A Game” Market Intelligence Report which came out Sunday evening: I initially wrote about the high probability bounce, within 3 points, in gold to end a precipitous fall here: Since then, Gold has rallied over 10% and has now reached a significant multi time framed level of resistance. Significant volume is also confirming large players are acting in concert at this level. This will be an important level to watch. The take-aways are:•The trend outlook is mixed and choppy•Multi time framed resistance is being tested oThis will be very bullish and serve as support if broken.•Trend compensated momentum is neither extremely overbought nor oversold•If this MTF level holds, you could see significant more downsideoFirst down to 1600 which is volatility-based support (daily), then down to 1500 which is transactional and volatility based support (weekly). This is interesting because it would have direct effects on many other markets, including ours, just as in the case of the USD scenario aboveTo find out more about The A Game Trading Letter click here