Checking Kitco, I see that gold has fallen $25/oz in the USA, that brings it back to $US850/oz, an important support level. There is of course no assurance it wont fall further, but I will be looking for consolidation, if not a rally off this support level.
This level was the historic peak for gold reached in Jan 1981 and it was also a resistance level before on gold's recent move up to $1030, so it should be firm. Of course it will be supported by the Fed's rate cut and growing inflation.
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Andrew Sheldon www.sheldonthinks.com
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