Gold trading range - $620 to $635
Gold price closed last Friday at $632. Today is the beginning of a new week and Gold is trading in a narrow $15 range between $620 - $635. The highest being $642 made last week.
Gold has been rising too quick since it has broken $600. This was caused by the buy back force of investors who has sold Gold futures below $600. The bull guys push it up further and force the bears to cut loss. After that spot gold fell down when the force was gone. It was expected gold will stay in current range for some time to digest. The uptrend is never changed.
Bill Murphy, committee of Gold Anti-Trust Action, predicts gold price will reach $1000 by the end of 2006. If you believe in him, there are still 60% increase to go !!
I'm not that optimistic as Bill, but I believe $850 is reachable.
Gold has been rising too quick since it has broken $600. This was caused by the buy back force of investors who has sold Gold futures below $600. The bull guys push it up further and force the bears to cut loss. After that spot gold fell down when the force was gone. It was expected gold will stay in current range for some time to digest. The uptrend is never changed.
Bill Murphy, committee of Gold Anti-Trust Action, predicts gold price will reach $1000 by the end of 2006. If you believe in him, there are still 60% increase to go !!
I'm not that optimistic as Bill, but I believe $850 is reachable.
posted by SSY | 9:30 AM
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