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Reuters GOLD Technical Analysis - By Phil
Smith |
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Daily Charts |
Weekly Charts |
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Near term
(daily chart). Very nice Slow Stochastic signal within the
overall MACD signal on Tuesday with the MACD fast line now beginning to move
down for a possible change in the intermediate trend. Watch the correlations carefully as they are
coming off. See the dollar and stocks correlation charts. The gold/dlr correlation particularly has now even turned
positive. Supports are obvious from the various charts
above, some strong like the Fibonacci retracements and projections. Our topping pattern is breaking down with the
latest little rally but in a broad sense we have seen a decline in volume as
the pattern has formed so it fits the rules. The 50 pct retracement still
pretty much marks the neckline and we did break below briefly. The target
from this pattern is around $1,000. I think we should continue to watch it as
it does fit the bulk of the pattern rules even though it has broken down a
little in the past few sessions. On the third chart you can see interesting spikes
in volume over the end of the year too and we need to watch this closely.
Good rallies do not come in low volume. We need to see good volume as well as
this MACD cross for a better signal for an intermediate term move higher. The
two periods of zero, or near zero, volume are
Christmas and the New Year holiday when most global trading centres are closed. Likewise you can see Easter. Also on the third chart you can see the old
triangle target, the red line, is providing some overhead resistance to a
move higher. See the glossary link above for an
explanation of the studies used above.
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Reuters Market Technicals By |
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