Fundamental analysis for precious metals gold - 8/21/2008

21 August 2008 @ 03:21 am EDT

A sideways pattern leaning towards the upside is what momentum and direction indicators show today. The target is still at 830 which the metal is trying to breach to reach 836.30. However on an intraday basis, the 805.00 level is the point separating the uptrend from downtrend

The trading range for today might extend among the support level at 786.95 and the resistance level at 843.00

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

Support820.80 810.45 806.50 805.00 786.95
Resistance823.70 830.20 836.30 843.00 850.45

Recommendation

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