Chart 9th June 2010: Gold has taken support in the range of $1174-$1154 and bounced back to $1220 level indicated in my earlier update on 21st May 2010. Weakening Euro and lower than expected payroll data given boost to gold, and it has surged again towards all time high.
Gold Spot has replaced all time high on 08 June 2010 by making another top @ $1252 over the earlier top @ $1248 on 13 May 2010. From the chart, it seems that gold might form a double top formation after making another top near the earlier all time high (it's too early to assume until the gold closes below $1174), but if it is true Gold may fall toward immediate supports @ $1225 and $1194 as indicated in the chart above. However, if gold find support at the above indicated levels and cross back the high again chances are bright that gold may touch $1300+.
--Thanks,
Commodity Daily
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