Wednesday, December 07, 2005


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

The market has been very strong and didn't react much at all from the 513 level. I have to conclude that the 524-26 zone will be reached before a reaction to 502 develops.

Gold is now in the area where I expect a bull market top to form so it is important not to overstay the market's welcome.

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