Thursday, December 15, 2005


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

I think the rally from this mornigns low near 503 will end around 512 and that the market will then drop into the 498-500 target zone. From there I expect a bigger rally which should carry the market up to 522.

The 544.90 high should hold at least for several weeks and weakness below 498 will be good evidence that the bull market is gold is over.

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