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SPDR Gold Shares Message Board

  • keybotthequant keybotthequant Apr 9, 2011 11:56 AM Flag

    Gold Charts

    Negative divergence in place now so a pull back is anticipated. That said, the momo in the price move is something to not take lightly.

    Key level to watch is if a close above 1480 occurs. If so, the 1520's are in play and gold bulls will be happy. If 1480 serves as a ceiling and strong resistance, then the gold shorts will be happy.

    Long term weekly chart clearly shows negtative divergence across the board indicating that price is topping in here now.

    Gold price has not touched the vital 65 week MA in over two years now. The 65 week MA serves as a magnet for gold price and price always comes down for a touch eventually which would target a 1325 level in the summer time.

    The Middle East premium built into gold price now is about 125 bucks almost 10%. Many forces playing on gold now including Joe Sixpack that is avoiding the broad markets but buying into commodities, gold and silver now.

    In the most simple context, if a close above 1480 occurs, bulls will probably run to 1525. If the 1480 ceiling holds, then the negative divergence spank down will occur and price may move down towards that huge gap below at 1390-1400.

    For updated gold charts google keystone speculator or view at stockcharts public charts list keystone speculator.

116.06+0.44(+0.38%)May 31 4:00 PMEDT