Gold looking a little under pressure

New York (Mar 5)  Gold looking a little under pressure after yesterday action failed to get us back above 1212...Now we do have support between 1198 and 1195...but the med term charts are beginning to turn negative after the lacklustre performance and short term ones are already negative which doesn't really instil confidence in buying this at current levels...

However we cannot ignore this 1198/95 support and only below 1191 would we start to worry about short term long positions...

Now if we do break 1191 there is little to hold us until 1131...Obviously this should not happen overnight... but it is still something to be aware of..

If we can cling to trendline support then there is scope again for 1212...We have to cover longs ahead of this resistance....Only re-instate longs above 1212....but do not hold if we break back below here.....as it would be seen as a false break and the market would then be under pressure once more to trade lower...

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