NYMEX - GOLD (October) ? Daily
Near Term Trend: Positive
Wednesday's Close Close: $1,755.00.10 (-$104.20)
UPDATE: Last Friday, we stated, ?I would expect another price retrace, within the next three trading days (Friday to next Tuesday- August 23) based on current position of price above the 21- Day M.A. line, but the magnitude of the sell- off and sustainability is hard to gauge?. As it turned out, we were right on target, as the sell-off started on Tuesday (market closed down $30.00), and then proceeded to post the largest one day drop on Wednesday (down $104.00) since 1980 (Hunt Bros.). NOTE: Price action is just above M.A. (green) line support.
|