Sunday, February 27, 2011

Gold asending to a potential new high

Daily chart of Gold going back to early November 2010. Nice chart for a swing trader....

Gold is currently trading above all three moving average with the 15dma crossing over the 50 and 100 3 days ago. (Bullish)
Stochastics have been embedded since 2/16 - Both K and D lines over 80 for 3 days. (Bullish)
MACD Histogram crossed over the 0 mid line on 2/4 and it at the upper portion of the . (Bullish/Neutral due to possible topping)

We should see a challenge of the 1432 high within a week or two, especially with the middle east issues. A flock to Gold is a possibility for stock investors as the Dow/S&P and Nasdaq have had quite a run since August last year and may still be in a correction phase. The triple top (around the 1420 area) should present some resistance, but once it is pierced, it should not be long before the $1500 area is reached.

Short term- Bullish
Mid term- Bullish
Long term - Bullish

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