"Technically gold is consolidating its last leg up while it waits for a full contingent of traders to return on Monday of next week. (That's today! SP.) Resistance near the $880 level gave way right before the pit session closed with the next level of resistance above that near $888-$890. The breach of $880 was no mean feat. Support surfaced at today’s low near $860. Below that is $850 and then $838 - $835. Downsloping trendline resistance on the monthly chart comes in near the $910 level which gold will have to best in order to convince sideline sitters that a trending move to the upside is going to occur. If this month’s performance is any clue to gold’s price action as the calendar changes to 2009, it should start off on a solid footing with the technicals favoring the bulls especially with it being able to muster a close above $880."
Dan Norcini at http://jsmineset.com/index.php/2008/12/31/hourly-action-in-gold-from-trader-dan-39/
My comment:
Oh dear. So much for gold starting 2009 "on a solid footing with the technicals favoring the bulls."
US$853.50 as I post.
Add to My Watchlist
What is My Watchlist?