September bottoms failed to hold for both gold and silver. The price of Gold made a new bottom at around 681$ for spot gold. The price of spot silver traded as low as 8.47$.Gold support and resistance zones: 541$, 559$, 607$, 638$, 681$ <> 744$, 772$, 845$, 930$, 988$,1032$Silver support and resistance zones: 5.20$, 6.30$, 7.23$, 8.46$<> 11.03$, 12.02$, 12.59$, 13.07$, 13.73$, 16.48$, 19.44$,
Between March and September[2008] the price of gold declined almost 300$ (1032$ - 736$), So far thats the biggest decline both in nominal and percentage terms – since the global gold bull market had begun. At the same time the price of Silver declined more then 50% (21.34$ - 10.24$). However, as both gold and silver reached some kind of cyclical bottom a sharp rally then followed:gold 179$(736$ -
Recent downward action is similar to 2006 action , this time the pressure in the markets is probably more severe but there are lots of price action similarities, just do the calculations. Honestly, I do think that gold can go lower in the short to medium term if market pressure continue but over the longer term I do think that much higher rates might be coming. Thats all for now.
Previous week action:Gold traded between ~893$ and ~934$ which is a 41$ trading range for the week. Open = 928$ and close 910$, third red candle in a row.However, gold did not trade below or above any significant low or high. Cyclical resistance zones: July 15 high of ~988$ and March 17 high (all times high) ~1032.20$.Cyclical support zones: 12 Jun Low of ~857.45$ May 2 low of ~845.50$.Pivot zone
Cyclical resistance zones: July 15 high of ~988$ and March 17 high (all times high) ~1032.20$.Cyclical support zones: 12 Jun Low of ~857.45$ May 2 low of ~845.50$.Pivot zone : ~912$Gold spot 8 hours chart (OHLC)
Long term currency perspective , monthly charts:Euro / US Dollar, EUR/USD 32 years chart – partly syntheticJapanese Yen, USD/JPY 33 years chartBritish Pound, GBP/USD 38 years chartSwiss Franc, USD/CHF 38 years chartCanadian $, USD/CAD 38 years chartAustralian $, AUD/USD 18 years chartGold 37 years chart
August gold reached 969$. Support at cyclical lows: 850$ and 860$ are important lows. 875$ and 913$ less important. No specific resistance point other then the 1041$ high of March, 1000$ and the zone between 969$ to 1002$. If gold can break above the March high (1041$) it can easily move to 1158$ - first target.GCQ8 Fibonacci Chart – 480 minutes
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