ecco come la pensano i grandi investitori
Gold
Gold prints a new high, but reacts sharply off the September
channel resistance. Wednesday’s reversal day held support
near the 431/430 breakout area, thus keeping the near term
bull bias despite the strong Dollar rally. Initial resistance is
439/440, with further gains targeting 445. These levels
correspond to the September bull channel and the July-
September projection, respectively.
Initial support lies at 430, while 424 maintains the constructive
short term outlook.
Medium term, the recent breakout signals the return of the
bull trend from the 1999 lows. As such, we expect Gold to
stage sustainable rallies over the coming weeks/months,
with the initial medium term objectives at 461/464, and
potentially 500. These levels refer to the June ‘88 high and
the Dec ‘87 peak.
Trade Strategy - 50% long from 425, add 50% at 429, raised
stop to 425, targeting 440/445
fonte:Foreign Exchange and Commodity Technical Analysis
J.P. Morgan Securities Ltd.London, November 11, 2004