Gold Spot Houly Chart update - 8 Dec 09

Dear Members,

Please find attached analysis for your reference.

Gold spot has taken support @ $1136 (earlier bottom) yesterday and made high of $1170.2 today which is 38.2% retracement level of recent fall in gold of $90(1226-1136). Today gold has taken another support @ $1157 which is 23.8% retracement level of recent fall.                                                   

From chart we can see two possibilities:                       

1 If Gold crossing and closing above (38.2)% retracement level ($1170) than possible next targets are $1181 (50%) and $1192 (61.8%)   

2 If Gold not crossing (38.2%) retracement level which is $1170 and sustain and closing below $1156 chances are bright that gold will try to fill the next gap @ $1118  

 This are just an possibilities and not trading calls.   

,

Best Regards,
Commodity Daily

You received this message because you are subscribed to the Google Groups "Commodity Daily" group.
To subscribe visit link http://groups.google.com/group/commoditydaily/subscribe  
To unsubscribe from this group, send email to commoditydaily-unsubscribe@googlegroups.com

BLOG : http://commoditydaily.blogspot.com

Note- Members express their own view  & may be or may not be having investment or speculative positions in the commodity, please do not take it as buy or sell call, pl use  own judgments for buying or selling, after having discussion with your certified investment brokers or the person to whom u  have good level of confidence. once sentiment is changed from good to bad no good news work but bad news do work, investors must keep this in mind.
NEW INVESTORS SHOULD BE VERY CAREFUL.