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| Gold Analysis and Forecast 8-16-11 |
Gold has been finding support, since it fell hard, after it hit my forecasted target f $1809 area. After it bounced off 1,720 area, it has recently traded at $1,785 area. $1,785 is a strong resistance area. Failure at this level shall push gold back to below $1,700 area.
As it is true for all resistances, once this area is cleared then, gold shall traded even higher and it shall eclipse recent highs with no problem and shall seek new higher prices. Which has been posted in my prior posts. Next time cycle for potential change in trend is 08/16-08/17.
1 comment:
I agree with your time cycle . I had 8/16 - 8/18
Take care
John
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