Gold is on my radar these days. If 613.50 does not hold (December contract), there is immediate risk to 610, weekly S1 and confluence 61.8%. Below that a small panic sell-off to 586/590 area. Price will find support at various levels (604.40/605.50) as traders hedge into the CPI numbers on Friday. We also have oil inventories on Wednesday. I am hoping for one last QM (October)push to 64/65 area and if it occurs before the IEA numbers, I would buy it along with gold. For now, weakness in oil and strength in the dollar is a one two punch against gold. Conservative traders that want to be long gold might want to wait for EUR/USD to trade up along with oil. As a reminder, the QM October contract will cease trading on September 20th.
This entry was posted
on Sunday, September 10, 2006 at 1:28 PM.
