Sunday, June 01, 2008

August Gold (GCQ8)

Currently the Comex August 100 oz gold future is the most active contract (GCQ8) , open interest for this contract is 257,894 according to NYMEX website.

GCQ7 topped at 03/17/2008 @ 1039.8$ and recently bottomed at 05/02/2008 @850.5$. The trading range this year was ~190$ so far.

Since the 05/02/2008 bottom gold managed to climb ~90$ but then pulled back and lost most of the gain.

Support zones for the GCQ8 contract : ~871$, ~864$, ~850$.

Resistance zones for GCQ8 : ~940$, ~960$, ~964$, ~1040$.

Once this ~190$ trading range is violated refer to the logarithmic weekly gold spot chart below for potential targets and support resistance zones.

GCQ8 August gold contract - 8 hours linear Fibonacci chart

GCQ8 chart

XAU/USD - gold spot weekly log Fibonacci chart

Gold weekly chart

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