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Is Gold correcting? Hits $1000.00! (update 3)

Posted by Adrian on March 13, 2008

Gold hits the historic 1000.00 an ounce. This was bound to happen anytime soon, everything as far as market anticipation was correct; Inflation, corroding USD, bear market emerging in stocks, credit markets still straining, general fear.

The question is will gold hold that upper range? From all perspectives gold appears to hold investor favour, like oil (which is now bouncing off the 100.00 mark and going up).

From my perspective on a 1 day and 3hr chart the current price of 994 looks comfortable (with support at 992). With Asian trading about to begin (14 March 2008), I suspect the Gold price will rise back into the high 900’s and may even settle into the 1000 point.

Date:03/13/08 09:30 O=998 H=1000.5 L=997.3 C=998

f18789779ddcde092202302b64de9855.png

(please note the above chart is a weekly chart)

*please note morbius glass does not give investment advice. The following information is for reference only. Trade at your own risk.

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2 Responses to “Is Gold correcting? Hits $1000.00! (update 3)”

  1. […] far as gold (which I have tracked in ‘Is gold correcting update 3?’ , update 2), I currently see support at 833.00, on a OHLC graph, the low indicator set at 873.00 […]

  2. […] Is Gold correcting ? Hits $1000.00! (update 3) […]

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