the resistance area of $420-$425, basis nearby futures

verfasst von Nickelman, 12.11.2003, 20:31

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Gold: This precious yellow metal is seeing a good longer-term recovery from recent historic lows (past 25 years). See on the monthly continuation chart for nearby COMEX gold futures that prices are in an uptrend from the 2001 low. If gold futures do kick off another big push north, the $400-per-ounce level will be a key upside objective for the bulls. Looking at the longer-term monthly chart, see that rallies in 1989-90, 1993 and 1996 were all halted at the resistance area of $420-$425, basis nearby futures. But, also see on the chart that if prices push up through that resistance area, huge gains have occurred--the smallest being a move to the $502 level. It's this kind of historical price perspective that traders need to examine when markets do kick into larger bull runs.
<ul> ~ http://partners.futuresource.com/fastbreak/2003/111203.htm</ul>

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• the resistance area of $420-$425, basis nearby futures - Nickelman, 12.11.2003, 20:31