Tuesday, October 02, 2007

Gold Closes $17.80 LOWER Today..............

With the help of a STRONG U.S. Dollar (up 35+ at the Gold close) traders took profits.
The profit taking caused a bit of an avalanche effect while taking out support levels and touching off stop-loss orders on the way down. Many traders figured a profit take was evident after a $100+ point rally in less than 2 months. Many traders felt the market was over-bought.
All markets need to refresh..I believe the Gold will rebound and trade higher by year end.
The market traded a $10.20 point range today.(half the down trend in the over night market)...
HIGH.....741.00 LOW.....730.80 CLOSE....736.60..............
SWING NUMBERS FOR 10/03...DECEMBER GOLD......
resistance # 2.........746.00
resistance #1...........741.00
pivot.....................736.00
support #1.................731.00
support #2...................726.00
TRADE SMART...............888-282-2770
OPEN AN ACCOUNT TODAY........................

0 Comments:

Post a Comment

<< Home