Return of the Bear

Thursday 8/3/06 the Gold market opened at 664.00 and continued to drift lower the entire trading session. Many people in the Gold trading community feel that the "whip" volatility in the market is due to many components including Middle east fighting, possible damage that tropical storm "Chris"may cause, the hesitation to buy physical Gold due to wide market ranges. and the taking of profits from a very bullish first half of the week.
The following are my guideline numbers for Friday 8/4/06

2nd resistance................671.00
1st resistance..................663.50
pivot..................................657.00
1st support........................649.50
2nd support.......................643.00


resistance = possible opportunities to sell the market

support= possible opportunities to buy the market

pivot..... market above ...pivot works as a support level
market below... pivot works as a resistance level