Gold Could Dip to Support Below 1580
By Jamie Saettele,
300 Minute Bars
Prepared by Jamie Saettele, CMT
Focus remains on the long term (multiyear) trendline, which is at 1681 this week (increases about $5 a week). A traditional measuring technique reveals a longer term objective of 1692.05 (adding width of consolidation to breakout level). Short term momentum considerations (divergence) and the latest rally possibly being from a triangle warn of a drop into support from current levels. Support is 1575 and 1555.
- The Technical Indicator: Staking out the bull/bear battleground (marketwatch.com)
- New Continuing Education Video Courses from HomeCEUConnection.com (prweb.com)
- Taking a stab at silver and gold technicals (tradingfloor.com)
- Weekly Forecast – Nov 28th (community.tradeking.com)
This entry was posted on Juli 26, 2011 by Risk Management Consultant. It was filed under Commodity Analysis and was tagged with Ben Bernanke, Business, Country Music Television, Dow Jones Industrial Average, Greenwich Mean Time, Health, MarketWatch, Moving average, Ounce, Precious metal, Support and resistance, Television, Viacom.