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Fundamentals

Fundamental analysis for precious metals gold - 7/7/2008

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07 July 2008 @ 03:21 am EST
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A correctional wave after a sharp bullish trend was seen last week where we believe that this correction will extend to 918.65 then possible 909.90 if the first level was successfully breached. The trend is still to the upside but the correction must occur. The weekly trend is also to the upside as dar as 901.50 remains intact which is the 91.8% fibonacci retracement

The trading range is seen among 877.00 support levels and 943.70 resistance levels.

The general trend is to the upside as far as 730.00 remains intact with targets at 983.00 and 1016.00

Support918.65 909.90 901.50 890.90 877.00
Resistance931.40 935.55 943.70 946.45 952.70

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