AI
Friday, October 01, 2010 6:52:19 AM
Gold Futures Charts
The rise continues with a new high overnight of 1319.30. The first chart is a weekly interval showing the rising wedge with price almost hitting the upper trend line. Will gold break to the upside, have a sizable retracement, or just keep grinding higher as it has been? I suspect we'll have a retracement at least to the support trend line of the wedge, but it wouldn't surprise me for it to go lower. Once (If!) it shows signs of a reversal I'll post some charts showing some areas of support below where it might bounce.
Weekly chart
Daily chart
The rise continues with a new high overnight of 1319.30. The first chart is a weekly interval showing the rising wedge with price almost hitting the upper trend line. Will gold break to the upside, have a sizable retracement, or just keep grinding higher as it has been? I suspect we'll have a retracement at least to the support trend line of the wedge, but it wouldn't surprise me for it to go lower. Once (If!) it shows signs of a reversal I'll post some charts showing some areas of support below where it might bounce.
Weekly chart
Daily chart
(Formerly known as "Richagain") My posts are my opinion and are subject to change without notice. I accept no responsibility for anyone who chooses to take any action based upon anything I post.
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