Gold Update

The technical picture is bearish short term. The upward trend channel is broken (8 hour chart) and technically a fall to 605-608 level is very likely. The market feels that the political changes in the US from a more ägressive"foreign policy to a more "defensive" one, might also act heavy on Gold.

However long term, we are still aiming to cross 631 levels, and upward high, The market reacted heavily, after Bush Live Speech, and commenting on Rumsfeld resignation, toning the Picture a Little Defensive of Foreign Policy, However, Tommorrows Economic Indicator is still Awaited.Where we have Some Important figures coming out, which could Change the Whole picture. Intital Jobless Claims, Wholesale Inventories and few others.

We should also take this as a Correction for Long term, and such Impact shouldnt be much Panicky for the moment, but emerging new buying Opportunities. It was Important for this Consolidation to appear on the charts, for the Upward momentum to carry on and build along well.

We Focus tightly on Crude Oil and USD Movement