Friday, December 02, 2005


Here is an hourly chart showing pit and electronic trading in February '06 gold.

Early this morning gold rallied to 510.70, the top of the current box and when it opened in New York a reaction had already begun. The 504 level ( the 1/2 division point of the box) is short term support and I think another rally to 512-513 is more likely than not. The next significant move will be down to the bottom of the next lower box in the 480-485 zone.

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