Since gold is back in the news with the geo-political scare (lots of noise for nothing but again we have to deal with it) let's take a quick look at the chart. Immediate key resistance is at 50 dma (641) and 50% (643). A solid break above gets us into June fib projections with 50% at 703. Since we still don't have a clear picture on the interest rate front, I would wait for a break above 640 to initiate any new gold longs. Always keep the macro picture in mind when we get these events.
This entry was posted
on Tuesday, July 04, 2006 at 7:05 PM.
