Failure of support in the $600 area has led to gold dropping back into the
target zone for this move - the $560 - $580 area. It is regarded as a trading
buy here for a probable trading bounce back towards the underside of the earlier
support, which is now resistance, i.e. back to the $595 area, which is likely
to occur within the next 2 to 3 weeks. Longer-term it is expected to back off
again and dig deeper into the support zone over the next month or two, a good
point for it to bottom being in the $540 - $560 zone, which should mark the
completion of the corrective phase in force from May.
The above represents the opinion and analysis of Mr. Maund,
based on data available to him, at the time of writing. Mr. Maunds opinions
are his own, and are not a recommendation or an offer to buy or sell securities.
No responsibility can be accepted for losses that may result as a consequence
of trading on the basis of this analysis.
Mr. Maund is an independent analyst who receives no compensation
of any kind from any groups, individuals or corporations mentioned in his reports.
As trading and investing in any financial markets may involve serious risk
of loss, Mr. Maund recommends that you consult with a qualified investment
advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction
and do your own due diligence and research when making any kind of a transaction
with financial ramifications.
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