Tuesday 8 December 2009

Gold Spot Houly Chart update - 8 Dec 09

Dear Members,

Please find attached analysis for your reference.

Gold spot has taken support @ $1136 (earlier bottom) yesterday and made high of $1170.2 today which is 38.2% retracement level of recent fall in gold of $90(1226-1136). Today gold has taken another support @ $1157 which is 23.8% retracement level of recent fall.                                                   

From chart we can see two possibilities:                       

1 If Gold crossing and closing above (38.2)% retracement level ($1170) than possible next targets are $1181 (50%) and $1192 (61.8%)   

2 If Gold not crossing (38.2%) retracement level which is $1170 and sustain and closing below $1156 chances are bright that gold will try to fill the next gap @ $1118  

 This are just an possibilities and not trading calls.   


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Best Regards,
Commodity Daily

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