Monday, August 06, 2007

Gold Closes $1.10 Lower Today.........

Today's Gold trade was very UN-event full today. i believe many traders sat on the side-lines today in anticipation of the FOMC meeting tomorrow (Tuesday 8/7 at 9:00am. CST.).
The session only yielded a $2.20 point trading range today.With the U.S. Dollar up 10+ and the Crude Oil down 250+ points at the Gold close I believe the fact Gold closed just $1.10 lower is a good signal for the Gold Bulls. HIGH...678.00 LOW...675.80 CLOSE...677.00..............
the following are my swing numbers for Tuesday 8/7...October Gold.........................
resistance #2.................680.00
resistance #1.................678.50
pivot....................677.00
support #1......................676.00
support #2......................675.00

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