Gold Rebounds.....

With the help of a weak Dollar and a bullish Oil market the Gold market reversed from a very negative overnight session and a low of 646.30 to a day session high of 666.50.
The market remains nervous with many regular Gold traders still on the sidelines.
Gold closed at 662.00 showing the traders it's bullish horns. Besides the turmoil in the Middle-east the traders will keep a close watch on the two key numbers coming out Thursday 8/10/06
@ 7:30 cst. 1. Jobless Claims 2.U.S. Trade Balance.........
I still see lots of option buying 750 - 1000 strike calls..... heavy open interest..... telling me the gold trading community is long term bullish......

The following is my guideline numbers forThursday 8/10/06 December Gold

resistance # 2.............678.00
resistance # 1.............669.00
pivot............................658.00
support # 1.................649.50
support #2..................638.00



resistance = possible opportunity to sell market
support = possible opportunity to buy market
pivot= position in the market that may determine direction