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Fundamentals

Fundamental analysis for precious metals gold - 8/28/2008

28 Aug, 2008 @ 03:21 am EST
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During the Asian transactions today, the correctional level at the fibonacci fan for the downside channel at 824.60 was breached. The trend is for an upside correction on the short term where this correction will be quite noticeable as long as trading remains above the 838.20 level where the next target will be at $855. However, if the metal is below the mentioned level, gold will decline to target levels around $805

The trading range for today might extend among the support level at 799.50 and the resistance level at 850.45

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

Support830.20 824.60 810.45 806.50 805.00
Resistance836.00 838.20 843.00 845.50 850.45

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