Gold Market is Crazy

Tuesday, August 31, 2010 at 11:59 PM
Gold futures rose to a two-month high above $1,250 an ounce on Tuesday on the back of mixed economic data from the United States and a flurry of end-of-month buying. Gold is on track to post its biggest monthly percentage gain since April in August. Was last bid around $1,248 an ounce late Tuesday morning, against $1,236.66 late in New York on Monday, having hit a new session peak of $1,250.40, its highest since late June.


I talk you in my Last Post (Click Here) Gold in Weekly Chart is Still UP Trend.

Weekly Chart

Last Position for Gold High is 1249.97 and Low is 1231.94

The prices are expected to scale up further till December considering uncertainty in US economy and weak equity markets globally. *NOTE* 

Pivot Point: 

R3: 1271.53
R2: 1260.30
R1: 1254.40
Pivot Point: 1243.17
S1: 1237.27
S2: 1226.04
S3: 1220.14

Potential for Tomorrow (September 01, 2010) gold market stuck around Pivot Point (1243.17) and he can going to S1 and R1.

I am always reminded you to Care Fully in SELL Position.

Many traders are looking at any price dips as an opportunity to buy gold.

Good Luck and Take Care.