Between March and September[2008] the price of gold declined almost 300$ (1032$ - 736$), So far thats the biggest decline both in nominal and percentage terms – since the global gold bull market had begun. At the same time the price of Silver declined more then 50% (21.34$ - 10.24$). However, as both gold and silver reached some kind of cyclical bottom a sharp rally then followed:gold 179$(736$ - 915$) and silver 3.51$(10.24$ - 13.76$).Currently gold is trading around 877$ and silver 13.20$.Despite or given the recent extreme volatile price action it is likely that an important cyclical bottom is in for the price of gold and silver. Gold support and resistance : ~736$, ~831$ <> ~905$, ~988$, ~1032$.
Monday, August 31, 2009
Gold chart update
Between March and September[2008] the price of gold declined almost 300$ (1032$ - 736$), So far thats the biggest decline both in nominal and percentage terms – since the global gold bull market had begun. At the same time the price of Silver declined more then 50% (21.34$ - 10.24$). However, as both gold and silver reached some kind of cyclical bottom a sharp rally then followed:gold 179$(736$ - 915$) and silver 3.51$(10.24$ - 13.76$).Currently gold is trading around 877$ and silver 13.20$.Despite or given the recent extreme volatile price action it is likely that an important cyclical bottom is in for the price of gold and silver. Gold support and resistance : ~736$, ~831$ <> ~905$, ~988$, ~1032$.
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