Charts – Gold

Ploy has decided to grace us with her foresight on Gold as well this week. Personally its not something I understand and have only traded/invested a few times, (note: I do have a personal long position in it now purely because of the Euro situation but it’s giving me nightmares).

Here are her thoughts:

In the short term, there are 2 barriers as in chart A.  If these 2 barriers can be breached, we may see another gold rush and the target will be as in chart B. You can see from chart A that gold price has rebounded beautifully from its strong support line, which is a good sign.

Thanks again Ploy! You can contact her @ ploy@thaicapitalist.com

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3 thoughts on “Charts – Gold”

  1. It backs down from the $1,797-1,802 barrier last night, so the support is around $1,747-1,745. But, there is a gap that it can fall to $1,732-1,730.

  2. Though this is fairly simple, it seems true. We are currently working on the test of $1800. If we can break that next week, we should see a test of the annual highs. Then breaking that the test of $2000 and upper channel. This could easily occur during the strong holiday season.

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