Wednesday, October 17, 2012

Gold ~ 17 October 2012

Early October, gold hit the resistance at 1800ish a second time and then declined to the support area at 1740 again:

Once 1800ish is breached, the next target should be the all-time high. As long as 1720ish holds, I think this could even happen by the end of this year/early next year. Else, if we get below 1720, a retest of the strong support at 1640 might happen.