Wesley Chapel, Florida, June 23, 2008  -- August gold futures (GCQ8) have recently penetrated on the upside and negated a downtrend line drawn from the May and mid-June highs. Prices are working higher from the June low of $859.60.

Price action Monday did see a solid profit-taking pullback from the recent gains, but no serious chart damage occurred. The June low of $859.60 is solid technical support. Below that lies technical support at the May low of $850.50 in August gold futures.

Overhead technical resistance lies at last week's high of $911.00 and then at the June high of $912.50. "A close above those two key resistance levels would be significantly bullish to suggest another leg up in prices in the near term," said Jim Wyckoff, analyst for www.TradingEducation.com. The upside objective would then become strong technical resistance at the May high of $940.10 an ounce.

Gold traders need to continue to monitor the value of the U.S. dollar versus the other major currencies of the world. Any significant dollar strength would be a downside weight on the precious yellow metal. A resumption of downside price pressure on the greenback would be significantly bullish for gold.

Importantly, by using VantagePoint Intermarket Analysis Software a trader can glean early clues on potential near-term price trend changes or continuation of present trends. These near-term clues provided by VantagePoint can and do give a trader a key edge.

See on the VantagePoint daily bar chart (below) for August gold futures that the Predicted 4-day EMA line is above the Actual 10-day SMA Close line. That's a bullish clue. Also, both lines are trending higher on the daily chart, which is also bullish. This suggests August gold prices will continue in a price uptrend for at least the near term.

 Chart Courtesy of VantagePoint Trading Software (www.TraderTech.com)

See, too, that VantagePoint's Predicted Moving Average Convergence Divergence (PMACD) indicator has just produced a bullish line crossover signal, whereby the tan PMACD line crossed above the "trigger" line of the indicator. Both lines are also trending up, which is bullish, too. Also, see that the last time both PMACD lines were in a similar posture (below the horizontal "zero" line and produced a bullish line crossover) was in mid-May. Shortly thereafter, August gold futures did experience a solid upside price rally.

Predicted MACD (PMACD) predicts the moving average convergence divergence (MACD) one day ahead. MACD is a trend-following momentum indicator calculated by subtracting a 20-day exponential moving average from a 10-day exponential moving average. MACD Trigger (Trigger) predicts the MACD trigger one day ahead. The MACD trigger is calculated as a 9-day exponential moving average of the MACD.

When the Predicted MACD line crosses below the Trigger line, this predicts a possible reversal of the current uptrend to a new downtrend. When the Predicted MACD line crosses above the Trigger line, this predicts a possible reversal of the current downtrend to a new uptrend. Another crossover indicator occurs when the Predicted MACD crosses above or below the zero line.

Predicted MACD can also be used as an overbought/oversold detector when it pulls away from the Trigger, suggesting the price of the market may be due for a correction that will bring the averages back together. Predicted MACD can also be used to spot underlying strength or weakness when its movement diverges from the movement of prices.

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About Market Technologies, LLC
Headquartered in Tampa Bay since its founding in 1979 by Louis B. Mendelsohn, with trading software customers in over 90 countries worldwide, Market Technologies is a fast growing, Inc. 500, company and recognized world leader in market forecasting. Market Technologies researches and develops proprietary trend forecasting and market timing technologies that utilize artificial intelligence applied to intermarket and hurricaneomic analysis, in order to forecast various commodity and financial markets throughout the world. These presently include, but are not limited to, stocks, stock indexes, ETFs, energies, interest rates, currencies, metals, grains, meats, softs and Forex, covering over 600 world markets. (www.tradertech.com)

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