Friday, July 27, 2007

Gold Closes $2.70 lower Today...........

The slide in the Gold market continued today.Reaction from the Stock Market correction once again affected the Gold market. Stock traders continued to transfer gold market profits into their Stock accounts to protect their margins.It will take awhile for the dust to settle. This week is proof positive to confirm trading Gold with stop/loss orders or hedged spread strategies.
The market traded a $10.20 point range today.
HIGH....666.80 LOW.......665.50 CLOSE.........660.20
The U.S. Dollar was 50 + points higher.....Crude Oil...190+ higher at the Gold close............
resistance # 2...........671.00
resistance #1............665.50
pivot...................661.00
support #1.................655.00
support #2.................651.00

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