Friday, June 30, 2006


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

As you can see the market has broken decisively above resistance at the 600 level which is the 2 and 3/8 multiple of the 1999 low of 252.

This tells me that the 546 low ended the break from the 732 level and that the $100 rally I have been expecting is already underway. My upside target is 662 which is the 2 and 5/8 multiple of the 1999 low.

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