Monday, May 12, 2008

Gold short term technical update

From mid March to early may the price of the Comex June gold contract (GCM8) pulled back about 190$ (1038$ > 846$) currently trading around 885$ . Along gold recent weakness there is some USD strength vs some of the other popular currencies such as the Euro , Yen , British pound, Swiss frank and others.

The trend is still down ( as defined by the diagonal line connecting the major top (1038$ at mid March) with the secondary top (~956$ at mid April), But there is a minor uptrend inside that bigger down trend channel which give some chance for the 846$ bottom to hold.

Support levels : diagonal minor trend line , ~876$, ~856$, ~846$, ~817$, ~792$

Resistance levels : diagonal downtrend line, ~897$, ~913$, ~930.5$, ~957.5$, ~977$, ~1039$.

June Comex gold futures (GCM8) 8 hours chart

gold comex chart

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