Gold breaks $635

The previous post was made 20 days ago which the gold price is $627, and gold price has been boring at this level until today it rises $9 and breaks $635.

USD has been weak these days, EUR/USD just broke 1.3 and is now 1.3079, which may indicate a further drop of the dollars.

Gold will benefit from the dollar drop. Hopefully it will enter another trading range of $635 - $660. Lets see if $635 shows a good support.

Boring months for the gold, now at $627

Historical statistics shows that after a first phase of bull run, gold has gone through one and a half year of adjustment period before its last rising phase at 1980.

Gold has dropped back since mid May of 2006. 6 months has finished and the lowest had been around $550 and then struggling between $580 - $660. The 3 previous trading ranges being
$580 - $605
$605 - $635
$635 - $660

No break through is expected at the moment. Otherwise it is likely that the last bull has started. Then will aim for $735 and then the record high $850.

Gold drop from $600, and test $580 again

Oil falls below $60, lowest since 7 months ago.
Gold follows and falls sharply to test $580 again, dropped $18 in a single day.
Price has been trading in a short range $580 - $620 these months. Generally price is bored around the same price range. Everytime the rise/drop happened so vigorously, but it never broke out of the range.
This situation is expected to last further. But many people start to doubt if the gold bull run has ended already. All that relies on the future trend on USD.

Gold lowest $571 and rebound above $580

$580 is still a price mark where investors are struggling about. It has been fluctuated around $580 for a few days, and finally managed to stay higher above it today during US morning session. Now it is trading at $586.

Gold touched $584 and rebound

Gold has been fluctuating around $600-$650 these few months.
Past weeks has been around $610-$630, then dropped suddenly from $640 to $584 in 3-4 days' time.
$580 looks like a support and it stopped dropping at $584 yesterday and formed a rebound to test $600 again. Now it was trading at $592.
Personally I guess $580 would be a good enough short term supporting line. In the long term I still think Gold's future would be bright.

Gold $635 - still trading in range

Major gauges add to US market gains after GDP report confirms slower economy and raises hopes of Fed pause next month. Dollar drops a bit and falling oil also helps.

Gold gains some dollars and is making around $635. Still in the trading range and waiting for a breakover.

Gold trading range $620 - $650

Gold dropped from a recent high of $675 after the war crisis has relief in the middle east. The drop was fast and sharp to $620 in a few days, and started a rebound to $655. Now spot gold price is trading at $631, fluctuated between $620 to $650.