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SPDR Gold Shares Message Board

  • stockineer stockineer Apr 13, 2013 7:25 AM Flag

    GOLD TECHNICALS

    I've been watching the long term gold support level for quite awhile anticipating that it may break very soon. I was out with friends for lunch yesterday and caught a glance at a tv screen and couldn't believe how much price had fallen on Friday. For what reasons gold has been up and down over the past several years, I don't know....it was following equities, now it's diverging from equities. In the end, it's the charts that really matter to me as I'll never justify why everyone is doing something, just "that" they are doing it. I took a quick glance and sure enough, price had broken that longer term support and is now resting on the next level. I'd believe the price will come back to retest the breakout point near term, but gold is officially in a bear market. There's some tools technical analysts use to predict the next target price, as prices tend to move in ratios relative to the last move. The low price target is $1,250/oz.which is just a starting point...lot's can happen between then and now. I've put up a discussion and the chart on Stockineer, but I wanted to give you guys the summary here if it helps.

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    • It's interesting how the price reversed almost immediately as the gap filled from the previous drop. Indicators are actually looking positive, but the price is nearing resistance. Perhaps what we just saw the last few weeks was climax selling and we'll see a breakout soon.

    • Is there a reason for the downward pressure on precious metals or just speculation? The Cyprus thing is just the most recent event. Are people really taking money out of gold and putting into equities at this point? With the fed continuing to keep interest rates artificially low, I'd suspect gold prices to rise with inflation fears....is that somehow no longer a worry?

 
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