Wednesday, June 8, 2011

Gold June 9th, 2011

Three month daily chart of Gold

The trend for Gold is up and is above the 15, 50 and 100 day moving averages - Bullish 
MACD Histogram has started trending down towards the mid-line - Neutral/Bearish
Stochastics K line crossed over 80 at 79.3 and heading down - Bearish

The rally in Gold over the past 2 weeks seems to be loosing a little steam. Either the seasonal trends will take over or Gold will break it's all time high of 1577 due to European debt crises/Greece default.  A trading range between 1450 and 1550 is a possibility through the summer months.  

We will continue to dollar cost average / accumulate on a monthly basis. Most of our savings/investments are in precious metals and we will continue to accumulate as long as central banks and the Fed continue to produce more fiat and debase their currencies.

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