Thursday, November 09, 2006

Gold Price commentary

Dear readers

Gold and silver have performed well the last several weeks. Gold bottomed at 558$ and is up 77$ since then. Gold and silver have managed to overcome the diagonal downtrend resistance coming from the May top, the event draw lots of attention and market participation is and was high. Please note that I do see signals of short term topping and even in a relatively bullish scenario the 590$ level could get retested. So Long term all is well for this global gold bull market but short term some consolidation might be required.

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