Monday, June 8, 2009

GOLD Trade Update for 080609

At this point, it is clear that the Gold price had failed to surpass its previous high of <>1015ish. The price, being able to significantly exceed the red channel support will have a go towards Target 2 but then will have to contend with the blue trend line support. By bouncing back up anywhere between Target 1 and Target 2, then it will be a moment when the price is seen as a re-trace.

On the H4 chart, the price, although in a large parallel bullish channel had finished two previous smaller momentums drives, going on this third one. There is plenty of space for the gold price to give a generous re-trace without actually being seen as encroaching into bearish territory. A strong USD sentiment this week can help to materialize the above scenario. Overall in the technical perspective, on day to day terms this week, the current consensus for GOLD is a full 4/4 bearish bias.

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.

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