Monday, September 29, 2008

Gold chart update

Between March and September[2008] the price of gold declined almost 300$ (1032$ - 736$), So far thats the biggest decline both in nominal and percentage terms – since the global gold bull market had begun. At the same time the price of Silver declined more then 50% (21.34$ - 10.24$).

However, as both gold and silver reached some kind of cyclical bottom a sharp rally then followed:

gold 179$(736$ - 915$) and silver 3.51$(10.24$ - 13.76$).

Currently gold is trading around 877$ and silver 13.20$.

Despite or given the recent extreme volatile price action it is likely that an important cyclical bottom is in for the price of gold and silver.

Gold support and resistance : ~736$, ~831$ <> ~905$, ~988$, ~1032$.

gold spot weekly chart


sp said...

$830 sounds like a good long chance

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Michael Bynum said...

Just looked at the market situation today, and gold has dropped so much. When will this crisis end?

sp said...

hopes $640 Gold may end and reverse the current down trend.

sp said...

$681 is pretty attractive level.

myinvestorsplace01 said...

It's great blog.When it comes to gold we cannot see a huge drop as happened in the stocks.Always the value of the gold will be increased as we see from the graph.

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Michael Martin said...

I think people who do not own gold will see there savings decline quite substantially over the next decade with all the recent money creation that has occurred.

Michael Martin

Russ said...

Wow...those prices would reflect an exceptional buy opportunity in today's market. So much for the value of a dollar.

danielfisher said...

Is gold rate high at this time?Whether i can sell my gold coin or not?

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