Gold price breakout on a 'mini' crisis 2009

The current gold price is fairly static caught in a range between resistance of 965.30 and the 100 moving average at support of 927.55. The Commodity Channel index has dipped (refer to overlay). The Average True Range is pointing to flat volatility.

This could indicate a breakout pending the market being slightly nervous to a potential mini crisis ('mini' crisis in the sense it could escalate into a major credit crunch), which could be the commercial mortgage backed securities write downs and bank weakness into 2009. It is unlikely that the Federal Reserve will change it's dollar destroying polices and if a CMBS market starts to crumble, the Federal Reserve will pump more liquidity into the market so this will continue to support the gold price.

But a breakout potential is there, especially on the onset of a mini crisis brewing in the winds.

CCI = 20 days
ATR
(TR) H-L=7.92
(TR) H.C1=5.37
(TR) C1- L=2.55

MA 50 and 100


*morbius glass doesn't give investment advice, trade at your own risk