Wednesday, August 22, 2007

Gold Closes Up $2.50 Today.........................

The Gold market closed up $2.50 after trading in a very tentative trade .
Quite honestly many traders took profits late in the session after the market stalled and could not make new highs.There is a lot of resistance between 670.00 and 675.00 and the Gold market will need help (CRUDE OIL ..trading higher) in order to sustain rallies. Despite the U.S. Dollar trading 25 + points lower at the Gold close it certainly appeared the Crude Oil kept the Gold market from trading much higher today. the Gold traded in a tight $4.10 point range.
HIGH....671.50 LOW....667.50 CLOSE....668.70.........................
Tomorrows reports : EXPORT SALES...& JOBLESS CLAIMS....7:30am. CST. 8/23......
The following are my guide-line / swing numbers 8/23....December Gold..................
resistance #2.......................673.00
resistance #1.......................670.50
pivot....................669.00
support #1............................666.50
support #2............................665.00

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