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Fundamentals

Fundamental analysis for precious metals gold - 7/9/2008

09 Jul, 2008 @ 03:51 am EST
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Despite yesterday's fall, the metal couldn't remain below the 38.2% fibonacci retracement to reverse back to the upside. This indicates strong demand on gold making the possibility for upside movements strong as well yet the metal needs to breach the key resistance of the decending channel at 927.90 and building a solid base above it.

The trading range is seen among 908.50 support levels and 934.50 resistance levels.

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

Support920.10 918.30 915.50 912.30 908.50
Resistance925.40 927.90 930.00 932.20 934.50

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