Expect $GOLD to pullback to its support area $570-575 before it can successfully move back up to break $600. It's the round number effect. $600 is a big number and $GOLD needs to pull back in order to get some traction for the big push forward. The strength of the U.S. dollar also affects gold, however, U.S. dollar strength is not expected to last long.
Sunday, April 09, 2006
$GOLD - First Test of $600
Expect $GOLD to pullback to its support area $570-575 before it can successfully move back up to break $600. It's the round number effect. $600 is a big number and $GOLD needs to pull back in order to get some traction for the big push forward. The strength of the U.S. dollar also affects gold, however, U.S. dollar strength is not expected to last long.
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