Monday, January 31, 2011
Gold is currently trading under the short term, mid term AND longer term 100 day moving average which is bearish.
The 15dma crossed over the 50dma on 1/20. The 15dma is close to crossing over the 100 dma (Bearish)
Stochastics are in the lower oversold area with the K line above 20 and rising. (Neutral)
MACD Histogram is starting to head back towards the 0 mid line. (Bullish)
Gold is trading just above the fibonacci retracement level of 61.8.
Today was an inside trading day, it may consolidate near this level before breaking either to the upside or downside. Fundamentally, nothing has changed, only that someone can now purchase Gold for $100 below last years high.
Short term- Bearish
Mid term- Neutral
Long term - Bullish
Labels: Gold January 2011