Thursday, August 09, 2007

Gold Tumbles $13.40 Lower Today...........

Once again the credit crunch took the Stock Market over 200 points lower today.
The Gold sell-off continued as investors liquidated old and new positions to cover Stock margins. ...(This is the first thing I read this morning.............)
DJ MARKET TALK: Spot Gold Slips As Credit Crunch Tightens(DJ)
1246 GMT [Dow Jones] Spot gold slips amid unexpected US dollar strength as global credit market concerns tighten, notes a trader. Says the rout has spread to Europe, with BNP Paribas to freeze redemption's from three funds because of losses on asset-backed securities. Spot gold trades at $663.95/oz, -1.5% on the day. (ADH)

The market opened $8.00 lower and traded in a tight $3.50 range all day.
Reports:..SUPPLY & DEMAND...7:30AM. CST.
HIGH...669.00 ,,,LOW...665.50 ,,,CLOSE...666.50
The following are my swing numbers for Friday 8/10 October Gold.....................
resistance #2.....................671.00
resistance #1.....................668.50
pivot..............667.00
support #1..........................665.00
support #2..........................663.00

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