Originally Posted by
Daytr
I think the resistance line has now moved from $1240 to $1250. A break & hold above this would signal gold has broken out of a downward pointing channel. We are now almost halfway through the physical demand season for gold & in USD terms its done very little & in fact is overall down. However for Aussie based producers with A$gold above A$1400 its looking pretty good & particularly now with fuel costs reducing dramatically which will help with production costs. If I was a miner consuming a lot of fuel, I would seriously look at doing some short term hedging to lock in the cheaper fuel.