Melbourne Qindex 01:13 GMT May 13, 2005 Gold (GC, June) : In the last four sessions the market hit a low and a high at 420.9 and 429.3 respectively. Once the market can penetrate through 420, it will head for 413.6, the mid-point reference of 407.2 and the weekly cycle super magnet at 420.
Gold : Weekly Cycle Analysis
Posted By: Dr. Albert Cheung Date: Saturday, 7 May 2005, at 7:03 p.m.
Gold (GC, COMEX) : Weekly Cycle
A projected resistant level is positioning at 429.7 - 430.3 and a projected supporting level is expected at 419.2 - 420.3. If the market downward trending momentum is strong enough to penetrate through 417.2, the supporting strength of 407.2 - 408.0 is going to be challenged. The weekly cycle limits and key quantized levels are as follow :- 394.4 - 407.2 - 420.0 - 432.8 - 445.6. The mid-point reference of the series is defined as the "Super Magnet" in my system. The market has a strong momentum if it can move away from the "Super Magnet".
