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Reuters
Gold Long Term Technical Analysis By
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Daily
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Weekly
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Longer term (weekly chart). The weekly gold chart is still bearish as it
stands with the MACD still pointing to the downside. However, we need to
watch closely as the fast line from this study is starting to move up. As it
stands however the chart is bearish for gold. A good
100 pct Fibonacci Projection target nicely reached and now a bounce off the
61.8 percent level which was good resistance on the way up. As per
the daily comment we are forming a topping pattern but this has yet to
complete. Given the MACD this is possible in the coming weeks and that will
set up a move down to around $1,000. The 40
year chart also puts the rally since 2005 in some perspective. It’s
interesting to see how gold staged a 2-year long sideways consolidation when
it reached the old 1980 highs. Also note how well Fibonacci works with gold
and how perfectly the 38.2 percent retracement was met after the major rally
this time. If you study Fibonacci on gold it works very well indeed both in
terms of 38.2 percent and 61.8 percent retracements. See the glossary link above for an explanation of the studies used above. |
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Reuters
Market Technicals By Phil Smith mailto:technicals@reutersindia.net |
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