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SPDR Gold Shares Message Board

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  • keybotthequant keybotthequant Nov 29, 2011 9:46 AM Flag

    Gold Weekly Chart Testing 20 MA

    Here is an update for the gold daily chart.

    The gold daily chart is building a triangle out sideways with price staying within the boundaries. A move will occur out of this triangle and the move should equal the length of the veritical side, say 350 points. Thus, a move favoring bulls out the top at 1770 would taget 2120, interestingly, the 2200-2400 area is the inflation-adjusted high from years ago. A move out the bottom at 1680 favoring gold bears would target 1330. The importance of the coming break out move cannot be overstated.

    The low stochastics and money flow gives the bears a slight advantage since these indicators are acting like a weight hanging on price trying to get it to fail the lower rail. That 1725-ish center line identifies the 20 week MA level which the weekly chart is fighting at currently. Bulls can become happier if they see the RSI regain the 50% level. Projection is for price to fail out the bottom of the triangle and head sideways to sideways down moving forward. In addition, watch for any potential fake out move which occurs from these triangle patterns so which ever way price breaks out, pay attention when the back kiss occurs.

    For GOLD chart use search box above for keystone speculator.

 
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