Gold support at $US880/oz

Gold has come under short term selling pressure over the last few days, breaking support. Given the weakness in the broader market, and the lack of apparent inflationary pressures, we would expect gold to build new support around the $US880/oz level before moving higher. Entry at the current level of $US915 is fraught with downside.
Importantly gold has broken the previous highs set back in Oct 2008, so its worth holding existing positions, or adding to them on weakness for all but the more aggressive traders.

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Andrew Sheldon www.sheldonthinks.com

Gold poised for another rally over $1000/oz

Now could be another good time to make gold investments. The gold price has retraced $60/oz over the last week to $US950/oz, and is poised for a move higher. We can see in this chart that the gold price has consolidated at the current level.
The monthly chart confirms also suggests that the gold price is going higher, though we might like more confidence from thew US market overnight. I am confident.

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Andrew Sheldon www.sheldonthinks.com