Tuesday, May 06, 2008

Gold needs to break $885/oz

While I remain bullish on gold, I would not be surprised to see it to it drift back to $850/oz before advancing. Looking at the candles shows some trepidation, so it might pull back to make a new base before advancing. I would be watching the price action over the rest of the week. Anything less than a significant move up is a negative. After $885, the next significant resistance level is $950/oz.
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Andrew Sheldon www.sheldonthinks.com

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