Fundamental analysis for precious metals gold - 8/4/2008
Trading below the neckline is still seen and htat is why we see that the direction in the short term is still to the downside as far as trading is below $920 per oucne level. On the other hand, we also see a big chance for the metal to move to the upside since technical indicators and momentum indicators on the medium term point to the upside alongside the ADX signaling for an upside after opening in today's Asian session. From here we expect to see an inclined today or the day after in an attemt to build a solid base above the mentioned neckline to end the downside movements. However, if it failed then gold will decline sharply.
The trading range is seen among 893.90 support levels and 932.05 resistance levels.
The general trend is to the upside as far as 730.00 remains intact with targets at 983.00 and 1016.00
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