December gold closed right at neckline support. Next level below is 50 day moving average at 602.20, gap close at 601.10 and 200 day exponential moving average at 601. Resistance above is 609, 613.50, 615 and 620/622. The strength today was surprising given the drop in crude, but once we cleared that May downward trendline resistance, the short covering intensified. Chalk it up to perceived continuing dollar weakness (more on that later). Watch 601/602 key support going forward.
This entry was posted
on Monday, October 30, 2006 at 3:56 PM.
