Friday, July 28, 2006

Spot Gold Chart

It was a good week for gold despite the futures market rollover shenanigans. Spot gold traded between 603$ and 641$. The price of gold is quick to recover the recent slump, in my opinion value buyers are quietly accumulating. I didn't notice any important news regarding gold and the price behavior is technically normal.

Just before the close of the COMEX trading I noticed an unusual temporary up tick on the spot market – about 2.2$. See the 5 seconds chart below..

If you look closely on the intraday 1 hour chart you can observe potential inverted head and shoulders pattern with initial price target of 681$. Click on the charts below for larger view.

I will post more charts over the weekend.

spot gold chart

5 sec gold chart


Anonymous said...

Hi - a great site which i read avaidly with interest! Often very accurate predictions ... well done !

What is the relevance of the temporary updide tick of 2.2 usd in the minutes before clsoing that you mentioned ?

real1 said...

Since I noticed this up tick on several quoting systems, it might mean a relatively large spot market transaction. Friday is usually a low volume day so this should be also taken into account. Overall don't read too much into it, but I did notice it and decided to share it with readers.



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