Gold Spot technical update – 20 July 2010

Dear Members,

As indicated in my earlier post, gold has resistance in the range of $1226-$1230. Gold failed to cross this resistance and plummeted toward indicated support range of $1174-$1160.
Gold spot has long term trend line support (indicated in attached chart) and chances are bright that gold will bounce back again like it did before. However, If gold fail to find support in given range, next support range will be $1124-$1100.

Commodity Daily

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Note- Members express their own view  & may be or may not be having investment or speculative positions in the commodity, please do not take it as buy or sell call, pl use  own judgments for buying or selling, after having discussion with your certified investment brokers or the person to whom u  have good level of confidence. once sentiment is changed from good to bad no good news work but bad news do work, investors must keep this in mind.


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