Iomega Corporation

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Tuesday, August 29, 2006

607 level tries to hold

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607 is trying to hold the gold.
As days are near for 31st, Traders tend to close there positions and due to Crude Oil down ward push.

Gold 607 Primary support is helping it
And we hope to see an End of NY Spot at 616/617 levels, or else we could see tommorrow 603 levels, where the Main Support lies,

A Gradual Push shall help, As we have reports that there were many traders who have bought at around 608 levels again, and we hope this strength could help.

In COMEX, we have seen Traders buying around 617.0 / 617.3 levels.
Where the support level lies in FUTURES market.

We hope to see Gradual Slow Pace movement,

If we try to see long term prespective, this is concerned to be a nice Zig Zag pattern Developing

There is a Main key for it to react this way, And few months back we did mention gold to remain Slow and wont react BULL like it did in Feb, March. As now it doesnt wants to do HEAVY Correction which it did few months back in terms of over $150 DOWNWARD Push.

However, this slow pace movement, will help it in the future.

Gold right now gave Push from 607 and now 610

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