Stock Incubator

[dalcindo]

Re: $GOLD

$GOLD may be due for a decline - I expect the USD to also rebound from here on, as expected in its inverse lock-step with GOLD.

In fact, last MAY, I posted "Chart #1" below with $1.300.00 as eventual target.

Also, channel drawn as far back as OCT 2008 remain in force - See "Chart #2".

Finally, "Chart #3" remains bearish with a continued resistance from a bearish channel that too remain in force since NOV 2009.

OVERALL - There are enough technical events here to influence my bias towards a bullish turn and favor a down-side scenario for GOLD. An upside above $1,300.00 (in "Chart #1") would require a very improbable "world event" to overcome the technical hurdles overhead for this topping commodity, IMHO:


$GOLD - 20-Year, Monthly Chart:
Chart #1 -


$XAU - 10-Year, Monthly Chart:
Chart #2 -


$XAU - 36-Mo., Weekly Chart:
Chart #3 -


- Dalcindo: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2140281


----------------------------

Message in reply to:
GOLD possibly close to ending its uptrend?



---------------------------

- Dalcindo: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2140281