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Wednesday, November 07, 2007

Todays market opinion

Gold, traded in a zone of 780$ till fomc meet once the deck was clear never looked back supported by raising oil prices and weakening u.s dollar it cleared resistance zone at 790$and finally trumpet was blown on Friday with surpassing 800$quite convincingly and closing at 807$ Technically gold sitting quite well in secular up trend continued with fresh up jerk on 4th week in a row both weeks sharply reacting during week and closing on highest level in weekend clearly showing bears are squeezed during weekends, macd has turned positive r.s.i has moved to unprecedented buying levels nearly 80 on charts usually such break outs result in re rating of prices since shaven bullish head is formed it will open higher and move further higher there can be violent corrections but they must be used. (

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