December gold came within 70 cents of closing the September gap at 640.90. That has been a medium term target for many who bought below 600. Support going forward will be 634.70 and a little lower at confluence last week's gap at 629.10 and 10 day exponential moving average at 627.30. Weekly S1 is a little lower at 625. If the fix is on to go higher, that area should hold next week. The dollar will probably do some kind of dead cat bounce which will enable new gold buyers to step in at support. Immediate resistance above is 643.50 and 657.
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on Sunday, November 26, 2006 at 11/26/2006 11:50:00 AM.
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