September 22nd 2010 Gold Futures Commentary for FuturesTechs customers:

We got bullish of Gold on August 9th when it broke above 1200. We had 1266.5 as a target from that moment. This target was reached on September 14th, and has been exceeded since. Over this time we’ve also introduced 1291 into the picture as the next target once 1266.5 was seen off.

This next target was reached yesterday as the market rallied strongly on the Fed. We have printed 1293.5 in overnight trade, and there doesn’t appear to be any let-up in this move.

We have also mentioned 1340 as a target to the upside using Elliott Wave/Fibonacci extension analysis. So we’ll look for 1340 now, and we’ll continue to ask that 1266.5 and/or 1259.2 hold firm as support on any pullbacks.

Don’t fight a trend like this!!!!
Chart Levels

R7        1375
R6        1350
R5        1340
R4        1325
R3        1310
R2        1300
R1        1293.5

S1        1288
S2        1280.4
S3        1276.5
S4        1272
S5        1266.5
S6        1259.2
S7        1251.9

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