Tuesday, May 01, 2007

Short Term Update

Dear readers,

The Europe session will soon begin and the short term momentum haven't turned up yet. So whether we like it or not short term downside still possible. The GC June contract (COMEX GCM7) is trading between the 50% and 61.8% Fibonacci levels. Long silver short gold spread trades haven't been profitable for a while so take note. As always, keep an eye on XAU, HUI and Of course EUR/USD & Crude.

GCM7 June COMEX Gold daily chart

COMEX Gold chart


Anonymous said...

What happen if $667 does not hold? Would we get a full retracement of the wave 3 and go back to range?


troy said...

Ok, the price at my buy target again ...I think it's up from here.

troy said...

If it doesn’t hold then we can retrace down to the March bottom.



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