Gold Chart Convergance

After todays performance it seems as though the convergance trend I posted yesterday has a higher level of validity. If the chart continues along the trend we should see a bottow around the 935-940 level and from there we could see a breakout to the upside.
There is a chance obviously that the breakout could be to the downside but I think its unlikely. The converging boundary lines are leading higher and thats usually a good sign that the breakout will be a positive one.

Gold Chart Outlook

The uptrend continued today with a gain of 1.14% while the dollar seemed to flounder around not really making any significant movements. What we accomplished today was a hurtle over the resistance level around the 960 and now the next resistance level we're looking at is around 980 so actually a great feat today. Once we break through that 980 we'll be ready for testing the 1000 mark again. I just hope that we can break through 1000 before anything serious starts to take the wind out of the bulls sail. I have a feeling that things will be good throughout august and probably into the October range before people start hearing about the next wave of Real Estate disasters and so on, but no sweat for us because there is always a balance and we've located the other end of the see-saw. So for now we have clear skies with a light breeze, a possible chance of showers tomorrow, but all in all a strong end to a rollercoaster summer.
Thanks for reading, and good luck!