Tuesday, October 17, 2006

Gold


Here is an hourly chart showing pit and electronic trading in December gold futures. I last commented on this market here.

I think the rally from the recent 563 low is over. The market has just dropped an amount equal to its last two reactions on the way up from 563. So I would expect it now to rally to 595 or so. But after this small rally much lower prices lay ahead.

1 comment:

Anonymous said...

Hi Carl, will your outlook on gold change if there is an all-out war with N. Korea? INTC and YHOO are both downgraded today, so can you elaborate/explain on your bullish outlook for the market.