This square is 2 years (720 degrees ) and 1200 points.There was a bullish twin towers pattern at the recent low but the last two weekly candles have bearish tails. On the daily chart I would watch to see if it can manage a bullish cross on the 20 and 40 day moving averages.Breaking 1200 again would be a problem for bulls
Thank you for taking the time to do a gold analysis. I would generally think with all the unrest in the world gold would be a safe bet but I see a repetitive descending triangle that worries me. I see where people are calling it a triple bottom and solid support but if it gives way this time it may take us to the 1200 area in a hurry. Chart: http://screencast.com/t/yQxTQplWWW
ReplyDeleteyou're welcome.I have to admit I feel the gold price is going lower before we hit a major low.The "deflationary" environment (look at the oil price) is not supportive but I do think any weakness from here is a great oppurtunity to scale into physical.For me gold is primarily going to be about hedging the coming sovereign debt crisis which I feel is inevitable
ReplyDeleteBouraq (Trading Channels Blogspot) has a bullish take on the gold chart. Always has nice charts
Deletehttp://www.safehaven.com/article/35573/gold-and-silver-respect-the-trend-but-prepare-for-a-reversal?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+safehaven%2Fall-articles+%28Safehaven+-+Most+Recent+Articles%29
ReplyDeleteMichael Snyder - "The beginning of the end." W
ReplyDeleteWith Greg Hunter: http://www.youtube.com/watch?v=tW_QGuDchs8
Site: http://theeconomiccollapseblog.com/michael-snyder
I',m trying to cut down on the doomer stuff..duh :-) !!
DeleteLol See what I can do. I guess the hybrid Flu/Ebola vid is a no-go. (Skeptics laugh so hard their eyes bleed anyway.) W
Deletehttp://comicsidontunderstand.com/wordpress/wp-content/uploads/2010/04/cheneypark.png
Lol.....reposted at FAM's to keep the memory alive :-)
ReplyDelete