Markets
Fundamental analysis for precious metals gold - 8/28/2008
Font Scale: 
Posted 28 August 2008 @ 11:24 am HKT
During the Asian transactions today, the correctional level at the fibonacci fan for the downside channel at 824.60 was breached. The trend is for an upside correction on the short term where this correction will be quite noticeable as long as trading remains above the 838.20 level where the next target will be at $855. However, if the metal is below the mentioned level, gold will decline to target levels around $805
Premier Wen and four new deputy Prime Minister meet reportersThe trading range for today might extend among the support level at 799.50 and the resistance level at 850.45
The general trend remains to the upside as far as 730.00 remains intact with targets at 983.00 and 1016.00
This article is copyrighted by IBTimes.com
Also in IBTimes
Most Popular Stories
- 1 Mexicos economy the slowest since 2003: Survey
- 2 Corning CEO to withdraw 4Q, 2009 earnings outlook
- 3 Nomura CEO seeks change with Lehman buy
- 4 Daily Forex Commentary November 18
- 5 CE Donald Tsang meets UK Prime Minister in London
- 6 Financials drag on market; Dow falls more than 240
- 7 Macaus hot streak shows signs of cooling
- 1 HK typhoon alert No.1 issued
- 2 HSBC reports 1H fall in profit 29 percent
- 3 Bryant scores 19, helps US beat Russia in tuneup
- 4 Actor Morgan Freeman is injured in car accident
- 5 Jolie-Pitt baby twins photos online
- 6 Christina Applegate treated for breast cancer
- 7 Paris Hilton's mom takes offense at McCain's humor
|
Top Stories on Markets
- 1 Financials drag on market; Dow falls more than 240
- 2 Drop in Stock Market Sends Traders to the Safety of the U.S. Dollar
- 3 USD Recovers Footing
- 4 SKorean stocks rally despite Wall Street drop
- 5 Oil falls to 3-year low below $49 in Asia
- 6 Most Asian markets rebound after Wall Street rout
- 7 Japan stocks rise after losses earlier this week
|
|
