Gold

Discussion in 'Metal Futures' started by nycfxproptrader, Apr 26, 2004.

  1. June gold added $1.00 to trade $396.70 in late morning trade as a downward correction in the US dollar sparked buying.
    The early high at $398.80 along with psychological resistance at $400.00 looks ike the nearby obstacle, with last Monday's $406.50 high and the failed support at $414.50 as intermediate-term hurdles. On the downside, a break beneath minor
    support at $394.00-394.50 tips the balance back toward last week's $390.20 lows and the $389.00 floor from March 3 as the key, intermediate-term support. The relatively weak momentum of the move off those lows thus far continues to warn
    that this may still only be an upward correction within a downtrend off the $433.00 peak of April 1