December gold drops 609 support as oil loses 58.65, still bullish especially given the drop in energy. The mixed dollar is helping, but first and foremost, gold traders are a very savvy lot and they might be telling us something. Gap close is 601.10 on a drop, which is also ex trendline resistance from May and 200 day ema, so basically huge support. Neckline support from inverted H&S is around 605 and it could very well be all they give bears. Target on a 601/602 hold is 620. If crude manages a succesful bid from here (58.60), it could be back to the races.
This entry was posted
on Monday, October 30, 2006 at 10:46 AM.
