Monday, June 26, 2006

Gold Spot Charts & Commentary

Gold encountered early selling pressure but somehow managed to overcome.

Some positive technical developments:

  • The price of gold managed to cross the diagonal downtrend resistance line coming from the 730$ top.
  • Gold is now again above the 76.4% Fibonacci line on the 8 hours chart.
  • The price of gold have constructed potential head & shoulder pattern on the 1/2 hour chart , the initial price target for the pattern is ~603$ per gold ounce.

    Few hurdles are standing on the way but the bottom should be realized by market participants.

    Enlarge charts for better view:

XAUUSD, gold spot 8 hours intraday chart

XAUUSD, gold spot 1/2 hour intraday chart

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