Weekly Gold Chart

Posted: March 24, 2010 in Uncategorized
  • This weekly chart shows the overall long-held up trend in gold. But with prices now pulling back towards the up trend line, I wonder whether they are about to break lower.
  • The horizontal line is at $1,088.50, which is drawn under the lows from late February – if that breaks, the focus will be on the up trend line at $1,082.
  • The stochastics have just crossed lower (intraweek). If this remains the case at the end of the week, I would expect further weakness and would look for a return towards $1,050-$1,040.
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