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Monday, July 10, 2006
Here is an hourly chart showing pit and electronic trading in August gold futures. I lasts commented on this market here.
I think another correction of $20-25 is underway and will assume the ususal three phase shape before it is complete. Support is at 618 and from there I expect the market to resume its move to 662 which is the 2 and 5/8 multiple of the 252 low.
I think the drop from 662 will take gold under 500.