Thursday, September 14, 2006


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

The market is headed much lower from here, probably into the 450-60 range before another multi-week rally can begin. In the meatime resistance above the market stands at 604 and I expect the next 10-20 dollar bounce to start from 565 or so.

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