As you can see, gold is once again approaching the $660 support level. I don't necessarily think the correction was due to gold being enormously over bought because it wasn't. I think it was more the fact that the USD was over sold. In my last update I said that a correction to the $660 level was a possibility. You can also see the support at the 50 day MA. I don't expect this consolidation period to last much longer. I will be adding to my gold stock positions here and will continue to do so when the price bumps up against the 50 day MA.
Thursday, May 10, 2007
Gold Update
As you can see, gold is once again approaching the $660 support level. I don't necessarily think the correction was due to gold being enormously over bought because it wasn't. I think it was more the fact that the USD was over sold. In my last update I said that a correction to the $660 level was a possibility. You can also see the support at the 50 day MA. I don't expect this consolidation period to last much longer. I will be adding to my gold stock positions here and will continue to do so when the price bumps up against the 50 day MA.
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