Tuesday, September 14, 2010
Here is a 3 month chart of the World Gold Index (XGLD) with a closing price of $1270.20 on Sept 14st, 2010. (Click on the chart for a larger view)
GSR wanted to publish this particular chart because Gold closed at an all time high, $1270 an ounce! The previous high showed no significant sign of resistance.
There are many different views and predictions on the next level and year end closing price. It's very hard to accurately predict where Gold, Silver or any particular commodity or stock is going. If someone knew with a good degree of accuracy, he/she would probably be retired and a billionaire.
If you place a fibonnaci retracement from the low in 2008 at $699 to the run up high in Dec at $1227, you get the fibonacci level of 161.8 near the $1560 area. This can be the next peak for Gold, then a ~15% pull back and trading range/channel. Keep your eyes on Gold as the seasonals and September looks like it is on par to become a stellar month based on past history.