Friday, December 01, 2006

Choppy Trade Gives $2.20 Back..................

Friday's trade was very choppy and traded between my support and resistance levels all day.
Even with the Crude Oil selling off early in the session (reaction to Saudi Oil Minister stating Oil stocks were over-valued) resulting in a a forced profit taking scheme and the continuation of a very weak U.S Dollar....The Gold trading community took profits early without causing any panic sell-off. The market gave back $2.20 from yesterday while trading in a $6.20 range....
HIGH................649.70
LOW.................643.50
CLOSE.............644.70..........................

The following are my guideline numbers for Monday 12/04 for December Gold..................

resistance # 2.........................652.00
resistance # 1.........................648.50
pivot........646.00
support # 1.............................642.00
support # 2.............................640.00


resistance = possible point to sell
support = possible point to buy
pivot = possible point to determine direction

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TRADE SMART.....

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