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.

1 comment:

Anonymous said...

Gold is rising today, has your bias changed on Gold or you still think this is going down to 580?