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Thursday, July 27, 2006
Here is an hourly chart showing pit and electronic trading in August gold futures. I last commented on this chart here.
I think we have just seen the completion of a three phase rally in gold that took the market just a little above what I thought would be resistance at 635 this morning. I now expect the market to drop to its next short term target at 580. This will be part of a more extended drop to below the 500 level.