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$.