GOLD 0.51% $1,391.7 gold futures

Gold price likely near term range

  1. 5,447 Posts.
    Gold has exhausted its latest rise and will need to consolidate in a sideways range before it can go higher.It could retrace to $314 in a panic move or in 3 steps before rising to test 330 again.Not much work was done in this range on the way down so it will have to be filled on the way up.The gold chart shows a saucer shaped bottom and it may need to form a cup and handle shape before moving upwards.This assumes no terrorist activity etc and anticipates a move up prior to Sept 11.
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