Intraday update 4:
Here is a 30 mn chart of December gold. If YG can't get past 595 rather quickly and QM falls, there is downside risk on a break of 589 to 587 followed by 583 gap close from October 6th. Since trendline support is around 585, I would consider that area (583/585) to be the line in the sand for gold and a great place to accumulate more of the metal should it hold. But so far, 20 dma at 589 is holding up, so the point might be irrelevant. In any case, that's the set up.
This entry was posted
on Tuesday, October 17, 2006 at 11:36 AM.
