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

13 comments:

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.



MyInvestorsPlace - trading, value,
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Jalalabadi said...

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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

http://www.buygoldbullion-online.com

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?
Krugerrands

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