Friday, June 5, 2009

Gold Trade Update for 290509

Gold has taken advantage to the weakening of the USD this week, giving only a minor re-trace that hardly reached the red channel support line before continuing on its bullish note. The previous high of <>966.74 had been surpassed and the price is now looking to test the next level which is the <>1005ish.

The price could encounter another slight resistance from the channel in doing so but the good weekly fundamentals can stunt its bearish progress at most to the <>950ish level which is the H1 channel support. Overall; on day to day terms this week, the current consensus for GOLD is a full 3/3 bullish bias. Next week will hopefully be more interesting as the USD recovers from a lackluster week.

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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