Wednesday, August 02, 2006


Here is a daily chart of December gold futures. I last commented on this market here.

I've changed my mind about 662 as resistance for the move up from the July 24 low at 615. I now think that this market, like silver, is in the third phase of a three phase correction which began from the 547 level (August contract) on June 14. I now think that this third phase will end near 700.

Once the rally is complete I expect gold to drop below 500.

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