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Gold Silver 9th March 2011

After a bried flurry over the $1440 level, Gold is fumbling around the $1430 level. The fast and slow indicators of the daily MACD are starting to converge after a long run upwards indicating that upward momentum might be slowing down. The Weekly MACD whilst postioned nicely for an upswing may peter out into a flatish movement.

Add to this a dollar rally that may have been signalled by a bull hammer candlestick on the US Dollar index on 7th March and bullion prices may be under pressure right now.

Silver on the other hand is not showing any negative indications right now, but if Gold takes a tumble, Silver may follow quickly and more sharply as is characteristic of it.

Be wary is what I'm saying.