Gold Bulls Showing Uncertainty
09 December 2010
The Commodity Specialist view -
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GOLD - WEEKLY CONTINUATION CHART: The break from the former wedge pattern saw the market come close to the projected bull channel top (1465 now). This offers current resistance.
Supports come from the former wedge top around 1300, then the 1264.80 Jun high.
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GOLD - DAILY CHART FEB-11:
This week's brief new all-time high ended in a negative Key Reversal Day. Not that significant in itself, but further weakness that sees the 1331.10 16-Nov low breached would sideline the bulls and strongly suggest that a more prolonged correction phase was underway.
Below the old wedge top support around 1300 the key, pivotal level is considered to be the 1271.00 21-Jun high (also a key reversal day). Failure here would have negative implications for the medium term.
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Philip Allwright
Mark Sturdy
Seven Days Ahead
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