Friday, June 5, 2009

Gold Trade Update for 270509

Gold has been seen recently to test the previous high of <>966.74 and is still remaining in that particular channel. A bounce off the channel support will see another bullish move at least to a similar price and possibly even to <>1005ish but that is an afterthought. An excess of the channel support will have the price play around the blue trend line main support of <>920ish. On the fundamental side of it, the fear of inflation in the US will have people buying more commodities like gold and silver, creating a demand that pushes the price higher as supply sources are exerted. Overall; on day to day terms, the current consensus for Gold is a bullish 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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