Short term Gold trading range $635 - $670
Gold has been trading within this range for a week. It has settled down after 2 weeks of sell-off which resulted in gold price falling from $730 to $635, a correction of as much as $100.
Yesterday the resignation of US Treasury Secretary John Snow has brought a surprise to the US stock market. He used to be a supporter of strong dollar policy. His left may reveal that the already weak USD will turns weaker in the future. Actually this is a good signal for other forex and Gold in the long run, but in the short term Gold needs time for correction.
$635 is a the price for a minimum correction for gold. For even more correction, it is possible that gold will drop to below $600 before another surge has started again.
Yesterday the resignation of US Treasury Secretary John Snow has brought a surprise to the US stock market. He used to be a supporter of strong dollar policy. His left may reveal that the already weak USD will turns weaker in the future. Actually this is a good signal for other forex and Gold in the long run, but in the short term Gold needs time for correction.
$635 is a the price for a minimum correction for gold. For even more correction, it is possible that gold will drop to below $600 before another surge has started again.
posted by SSY | 8:34 AM
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