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
Ploy Tang-u-thaisuk
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.
The Gold Rate
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.
Michael
silver! *woooo!*