Thursday, July 27, 2006

Gold Intraday Chart - Update

The channel on yesterday chart didn’t hold but gold managed to climb higher after an initial deep. It seems to be the norm for now, If you trade gold on a short term basis you might want to wait till the NY – COMEX exchange do their thing.

Who said gold don’t yield?


Chinese banks step into gold leasing business


Recently, Heraeus Zhaoyuan Precious Metal Materials Co., Ltd. and the Zhaoyuan Branch of China Construction Bank signed an agreement on a gold lease deal of one ton with the lease term of one year.... read more.


Here is a new chart with two channels, the uptrend channel is less steep. Today expected trading range 618$ - 633$.
Click chart to enlarge:

spot gold chart

2 comments:

bubble_watcher said...

real1,

I'm beginning to think that my double zigzag count is wrong and that your impulse wave count for gold is correct. Gold did have a strong up move today which is typical for the start of a wave 3 move. Also, silver has moved up sharply higher and since the Gold to Silver ratio is at upper trend line resistance, now may be the time for silver to start outperforming gold. Anyway, a break above the $675 high for gold will definitely confirm your wave count.

/R

bubble_watcher

real1 said...

Thanks bubble_watcher , I think we are soon going to see acceleration to the upside…

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