Spot gold is in a large triangular consolidation which started with the high of May 2006. The metal has so far respected support at the mid-point of $600. A fall below this level would signal a test of primary support at $560. Breakout above $650, on the other hand, would signal resumption of the primary up-trend. Crude oil prices below $55 are likely to reduce demand for gold, while a weaker dollar would increase demand; two opposing forces that may offset each other.Τρίτη, Ιανουαρίου 16, 2007
GOLD
Spot gold is in a large triangular consolidation which started with the high of May 2006. The metal has so far respected support at the mid-point of $600. A fall below this level would signal a test of primary support at $560. Breakout above $650, on the other hand, would signal resumption of the primary up-trend. Crude oil prices below $55 are likely to reduce demand for gold, while a weaker dollar would increase demand; two opposing forces that may offset each other.
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