GOLD: While Gold still retains its broader bullish structure in the medium term, a convincing halt in its declines triggered off the 989.97 level, representing its Jun 03’09 high will have to be seen to activate that uptrend. In order for this to happen, its bottoming process started from its hammer formation the past week will have to hold  and a break above its recent recovery high at the 948.22 level, its Jun 26’09 high must occur. This view if validated will open the door for additional higher prices towards the 965.35 level, its Jun 10’09 high with a decisive break above there allowing the metal to target its Jun 03’09 high at 989.97.Beyond the latter will put the metal in position to challenge the 1,005.98 level, its Feb 20’09 high. To the downside, nearby support is seen at the 923.45 level, its Jun 30’09 low ahead of the 915.07 level, its May 18’09 low where a cap is expected. However, if that level gives way, declines could be seen towards the 904.70 level, its daily 200 ema followed by the 880.15 level, marking its May 01’09 low. On the whole, while Gold still maintains its overall medium to longer term uptrend, it is now challenged by nearer term corrective pullbacks.

 

 

 

 

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