Iomega Corporation

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Wednesday, August 02, 2006

Main Drama Recap

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Main Drama for the Bullish Move yesterday

Geopolitical News. (Main: Iran Rejection, Israel-Hezbollah continue the fight)
Crude Oil Rallies due to Tropical Storm.
Dollar getting weakness.

As we looked in the past as well, Market reacted Heavily over the news, And as the news came vice-versa, giving good signals of news, market reacted to sell off, bringing Gold/Silver prices down. This might occur in the near term, We shall see how the market reacts. However, currently we feel gold/silver to mantain a good push upwards, forming a wonderful technical correction, and hightens its chances for a push.

However, Gold/Silver both mantain a Solid Bullish Pattern.
A Gradual, Solid Push occurs.

Gold - Short term support 639.
Gold - Resistance - 652.

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