Gold Market Update

By: Clive Maund | Sun, Sep 17, 2006
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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.

 


 

Clive Maund

Author: Clive Maund

Clive Maund,
CliveMaund.com

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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