Tuesday, August 28, 2007

Gold Closes $2.70 Down For The Day.............

today's Gold trade was very nervous and caught traders watching the Stock Market trade significantly lower today. The woes in the housing sector and the credit crunch still influencing the markets caused traders to back off and sit on the side-lines. the Gold dropped to 671.00 (key support area) and rallied to close at $673.50. i feel the gold market needs to trade over $680.00 to get the Bulls attention. the Gold has been very volatile and choppy lately and traders I have talked with are scalping the market rather than building position. (STILL NERVOUS)
The market traded a $5.60 range today..HIGH...676.00 LOW...671.00 CLOSE...673.50.........
Tomorrow 9:30 am. CST. ENERGY STOCKS.....watch the energy markets...................
The following are my swing numbers for 8/29...Wednesday....December Gold.......................
resistance #2........................680.00
resistance #1........................676.00
pivot....................673.50
support #1.............................670.50
support #2.............................668.00...................

LEARN TO TRADE THESE NUMBERS....................
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s i have talked with a not building positions

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