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Gold spot - Update, June 3rd 2009

RECAP: "I expect a massive attack on the $943/6 resistance zone. In case, we can take out $949/50, then we will see much higher prices soon. But if the $937.5 will be signicantly ($930/1), then we will see $926.5 (50% fibonacci) and $912 (61.8% fibonacci) more or less soon IMO."

Gold did not attack the major short-term resistance at $943/6 and went south to stop at the 50% fibonacci retracemant level ($926). Since then, it has stabilized and is traded at $933 now.

OUTLOOK: US markets are closed today. So we can expect a choppy, sideways trade. The trading range should be $926/8 to $941. Since gold was relatively stable at $927/9 yesterday whereas Euro and the stock market went further down this level won't be violated today.