Cautious Gold Market

Mon July 31st the Gold market continued it's cautious trade pattern trying to decipher news worthy headlines from the Middle East. We learned that Israel broke it's lull of air strikes in retaliation to the launching of mortars by Hezbollah troops near the town of Taibe.
Israel officials claim mortars were being fired on Israel's ground troops.
Later we learned Venezuelan leader Hugo Chavez was presented the Islamic Republic Medal
(the highest state medal ) from Irans President Mahmoud Ahmadinejad in appreciation for his support of Irans Nuclear standoff with the international community. With the most memorable quote being "Lets finish off the U.S. empire '
December gold is my contract of choice to trade from now til expiration.
The following are my guideline numbers for December Comex Gold.. 8-1-06

2nd resist .........657.00
1st resist............651.50
Pivot ..................646.00
1st support.........640.50
2nd support ...... 635.00

gold in limbo

The friday trading session in the Gold market was cautious to say the least. With a continued falling U.S. Dollar, al- Qaida calling for a holy war against Israel,and diminished hopes for peace talks it seemed the Gold community stood on the side lines due to a lack of fundamental news.
Experienced traders sometimes realize the best trades are the ones you don't make.
the below are technical numbers for monday 7/31/06

resist #2 ...643.00
resist #1 ...638.00

pivot..........631.50

support #1 626.50
support #2 620.00

roller coaster gold

Today in the gold market Middle East tensions and an early weak dollar forced gold prices on a Roller coaster ride taking prices higher in the early hours of the day session to their 641.00 high and closing it on the day session lows $632.00.


resist 2 652.00
resist 1 642.001
pivot 632.00
support 623.00
support 612.00

Middle East bombings cause gold market to drop

The Gold market started the trading session moving upward and moving toward it's session highs before more bad news out of the middle east caused the market to stop dead in it's tracks and break 17.00 dollars and close on it's lows. Word of a ground invasion by an Israeli tank division forced investors to bail out of their long positions. However heavy option buying 1000 strike calls have me convinced that the gold community is very long term bullish.