Make or Break: Gold Nears Two Critical Overhead Resistance Levels
December 29th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Thoughts for gold bugs going into the weekend and New Year’s period…
Gold was at $822.60 when I put out my last long call a couple of days ago. Gold is around $840 now. Again, the next number to watch is $845.
Probably, the most critical number after that is $850, the all time high set back in 1980. Of course, lots of analysts call $850 meaningless, because the dollar has crashed in value since then. From a technical analysis perspective, a move above $850 will probably set off buy triggers as shorts move to cover. We’ve got to get above $845 first…
Be on the lookout for central bank dumping anywhere in here.
Posted in Economy | Top Of Page
