Monday, July 10, 2006

Gold Futures Intraday Chart

The August Gold contract (CBOT : ZGQ6) pulled back 17.70$ since last week high, gold hit the lower Bollinger band (50 MA; STD = 2). Notice that the bands are tightening again and the stochastic indicator is turning bullish. Good chance that a short term bottom is in place and the price of gold is headed back up to challenge its 50 DMA. The action is practically similar for spot gold. Click on the chart to enlarge:

Gold futures CBOT August contract (ZGQ6) Intraday chart

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