Sunday, April 20, 2008

Short term technical update (GCM8)

The bulls had a few moments of grace as the price of gold managed to trade above the diagonal trend line resistance, but gold failed to penetrate the secondary top at ~960$ and pulled back ~50$.

resistance around ~938$ (38.2% fibo) , ~976$ (61.8% fibo) , ~1003$(76.4% fib) and the high of 1038$.

support at ~888$, 876.5$ 850$ -840$ , ~820$, 792$.

All price relating to Comex gold June contract (GCM8)

comex gold chart

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