Archive for July, 2010
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Comex gold futures in New York have sold off Tuesday morning, as more technically related selling is featured. A lack of fresh, bullish fundamental news has also allowed technically based trading to become more prevalent Tuesday. August gold last traded down $16.70 at $1,191.00 an ounce. August gold could be seeing the beginning of a bearish downside “breakout” from a minor bearish pennant pattern that had formed on the daily bar chart in recent trading sessions. The next major downside near-term technical target for the gold bears is pushing and closing August futures prices below solid chart support at $1,168.00.