Both the yearly and quarterly charts of the world gold index are bullish with possible TD Sell Signals at least a year away. The quarterly chart also points to the 1318-1347 area as a target to watch on the way up. What’s the monthly chart have to say? As with the higher time frames on gold, this chart, as it stands, is bullish. The last TD Sequential signal was a sell in 2008. After a pullback that bottomed in the autumn of that year price has moved steadily higher. We are now working on a new TD Setup but need at least until March 2010 to get to bar #9. Of some interest is the price cluster just above the market from 1238-1255. The Fib ratio shown is based on the 2008 pullback.
Bottom Line: No reason here not to be bullish on the gold. Over the weekend I will take a look at this market’s weekly chart.
Technical Analysis of Chart positions for longer-term positions:
Dollar Index: Out. (0.65 point loss after 1 trade). If able to punch through 76.8-77.05 this will signal continued bullishness.
World Gold Index: Out since 1161.80 on the close of 12/4. Watching 1101.20 to see if support develops.
Cash SP500: Out on a close below 1083.74.
Waiting for initial signals on the following charts: 10 yr Bond Yield and the CRB Index
No comments:
Post a Comment