Bear from start to finish

Today the trade in the Gold day session was a bear trend from start to finish.
The Gold market followed a very negative Crude Oil market and with a rise in the equities the Gold traders took the market down over $ 13.00 settling at 625.30 in December.

The Gold community traders are certainly a breed apart.The market is forced to adjust constantly to changing trends. Yesterday while Crude Oil was tanking the Gold was $ 8.00 dollars higher. (Both Gold and Crude Oil are " anti dollar") . Today Gold,Crude, and U.S. Dollar were all very negative at the same time for most of the session.

The way I see it the truce in Lebannon is the driving force to the Crude Oil sell off and moving investors to swap their safe haven long Gold positions for short Crude Oil positions.

The following are my guideline numbers for 8/17 for December Gold......


resistance # 2..............................648.50
resistance # 1..............................636.50
pivot ............................................618.00
support #1...................................618.00
support #2...................................611.50




resistance = possible opportunity to sell market
support = possible opportunity to buy mark
pivot = possible point in the market to indicate direction