Gold’s Fibonacci Support

12/18/2009 9:46 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

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Gold was hammered again on Thursday as the dollar rallied sharply, though they should decouple in the new year. Gold is reaching the minor 38% support with the 50% level at 1050. The major 38% support and the minor 61.8% support levels are in the 1000-1020 area. A bounce is expected over the next week, but the corrective period could last for a while.

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