Intraday Gold Chart Update

Gold surprised me on the upside today, climbing more then expected. But currently the price of gold is back inside the range I indicated (633$ - 618$). Don’t read me wrong, I fully expect gold to move much higher then 633$ and quite soon.


Russia's gold and currency reserves up $7.2 bln in week
MOSCOW, July 27 (RIA Novosti) - Russia's gold and foreign currency reserves grew by $7.2 billion to $262.9 billion as of July 21 from $255.7 billion a week earlier, the Bank of Russia said Thursday. -source

Below is an intraday spot gold channel chart, hopefully this one holds for more then 2 hours. If this channel holds, gold will trade between 620$ to 647$ during the next 24 hours. Click on the chart for enlarged view.