December gold found support at 462, 38.2% August rally. It should produce a bounce, possibly up to 468. If 462 does not hold, next support is 459, 50 dma and 457, 50% and just above 455, August high and channel support. I expect a much larger bounce at these levels, possibly up to 472 or so. The bears need a close below 455 to claim any hope a new downward trend has started. For now, this is a pullback that will most likely find buyers, if not at least a healthy dose of short covering.
This entry was posted
on Friday, October 21, 2005 at 12:52 AM.
