Palm | Kelapa Sawit

Gold prices likely to consolidate further between the wide range of 780 to 900-910. It appears to be a sideway market in near term.

COMEX Gold prices slide to the low at 739.00 on 11/9/08 but managed to bounce back handsomely to hit 919 on 29/9/08, it then in correction mood and retrace to 829.30, about 50% of retracement from 739 to 919. Market likely to trade in range bound in near term with little upside bias. Immediate support put at 800-810. Overhead resistance at 910-920.

Chances to challenge 1000 mark looks gloomy as prices finish in lower end with long black candle for the last two trading session. Chart wise, it had penetrated the immediate up-trend line follow by a gap down left over yesterday. Some kind of reversal top had formed. Hence, may face some selling pressure in near term.

Gold prices retrace a little after four straight days of upswing. Gold prices to be in retracement and consolidation mode. Prices trading along the immediate up-trend line, as long as the up-trend line do not violated and the gap between 942-948 remained unfilled, chances to re-challenge the 1,000 mark still there.

Chart looks pretty strong and well supported after 3 bottom set between 850-870 level. Prices began to run-up after the last bottom set at around 860 level. Then, it rally with 2 gaps-up(common gaps and breakaway gap) and broke the overhead resistance level between 940-945. With this strong performance, prices may want to challenge the 1000 mark.