Friday, June 5, 2009

Gold Trade Update for 010609

Gold like Silver has risen from <>966.74ish at the end of last week to <>979.22ish today. Daily main channel support is at <>943.44ish and main resistance remains at <>1005.60ish. The Gold charts look lackluster today except for the volatile M15 which shows a bearish move. There could be something there within the next few days.

Fundamentally, Gold continues to be an appealing investment medium for people who want to retain the value of their money against the weakening USD. This pattern can change otherwise depending on the performance of the USD, yearning to restart its capitalist mechanism. Overall; on day to day terms this week, the current consensus for GOLD is a full 3/3 bullish bias. The hype is up with Gold and Silver now so probably the pros are looking to sell for some profits soon.

Disclaimer: Trading in the FOREX market & other forms of investments involves risk. This information should not AT ALL be viewed as investment recommendations. The charts & information provided here are not meant for investment purposes & only serve as technical examples.

No comments:

My latest images for sale at Shutterstock:

My most popular images for sale at Shutterstock: