Sunday, June 15, 2008

Gold technical update

Dear readers,

This week the August gold contracts (GCQ8, ZGQ8, YGQ8) traded between ~913$ and ~859$ (54$ range). The price did go below 868$ - 864$ but closed the week at ~873$.

For August gold the important low is ~850$ and if that cant hold then there is major support between 835$ and 770$ ( spot gold price). Spot gold 65 weekly moving average currently around 786$.

Resistance zones for GCQ8 : ~895$, ~913$, ~940$, ( 964$ - 968$ ) and 1040$.

GCQ8 480 minutes chart annotated with short term relevant Fibonacci levels.

GCQ8, August gold intraday chart

Spot gold linear weekly chart with Fibonacci levels.

spot gold weekly chart

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