Support : 895

Resistance : 935

Last week, in this article, we analyzed the Gold Composite Future. After braking the resistance at 937 it found more space and hit a new record high at 954.05. It is now consolidating in area 935$, where the resistance is now supporting the future- We believe it still has space for its run and we expect it to trade higher hitting a new high.

Support 1: 935

Support 2: 920

Resistance: 954

Our analysis on the Gold Composite Future has been very efficient (click here to view our latest report) as prices kept raising.

Short term indicators continue to be positive as gold trades near their highest price in history. Gold could potentially experience one of the biggest upside moves since 1980. The potential exists for a large rise in the gold price - possibly similar to the 1980 rise in which gold reached a record $850.  If gold is able to attract enough speculators to the market the potential exists for gold to rise well over $1,000.

We expect the Gold future to trade in a limited range between 940 and 1.000 dollars an ounce. 

Resistance: $1,000

Support: $940