Gold Update 06/24/2009

Over the last several weeks I have been writing about the possibility of Gold declining to my Newsletter Subscribers and with the exception of a few bounces (which should be expected) along the way, that's exactly what has happened.

Once Gold approached $900.00 earlier this week, we had a bounce off this round number support level. The high today was near $940.00 which also happened to be a predictable upper resistance level seen by looking at a recent 30 day chart.

The area near $940.00 provided intraday resistance and once the U.S. Federal Reserve press release was announced, Gold continued its intraday decline.

Near term, if Gold does move up through $940.00, the next resistance level is near $950.00. If Gold starts moving lower right away again, then the $900.00 level will probably be re-tested, if not broken through.

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UPDATE 06/26/2009

Here is an updated chart showing how Gold reacted Thursday and Friday after my original post above. You can see that Gold did move up through the $940.00 price level just after 8 p.m. on 06/25/2009 and up to just over $949.00 Friday morning 06/26/2009 before reversing the rest of the day.

While no forecasting is correct 100% of the time, we don't have to be right all of the time to be profitable and this particular forecast worked out as expected.

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