Saturday, July 15, 2006

Gold – Expect the Unexpected!

Newbie Forex traders are learning the hard way that accelerating geopolitical tensions and Middle East war doesn’t (necessarily) mean lower USD index. Gold traders are learning that Higher USD Index does not equal to lower price of gold. As said before gold is and will continue to go up against each and every national currency. As I see the situation - in the short term we might witness the price of gold going up along the USD – causing maximum pain for most market participants.

This picture says it all


Below is spot gold daily chart with Fibonacci support resistance levels. Support at 658$ and 636$, resistance 685$ and 730$.

Gold chart

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