Gold Support Holding

January 17th, 2008

WARNING: This is not a recommendation to buy, sell or hold any financial instrument.

For everyone who’s not trading this thing…

Near term support might be in at around $876, as per this recent post:

If it can manage to breakdown below $888, look for support around the first fib fan line.

Now, a current two hour interval chart:


Spot gold, two hour interval

The stochastic and MACD crosses up are nice touches, too.

Oh yeah, read the WARNING again.

UPDATE: 38.2 Fibonacci Support Eventually Failed, Next Stop $865


Spot gold, two hour interval

Looking at the weekly chart for a strategic overview, it’s shockingly overbought, and that slow stochastic looks like it may need to relieve itself. It has crossed down. (The daily stochastic is in full retreat to lower bands now.) That’s ok. As you can see, this leg is still very intact.


Spot gold, two hour interval

Note: that last red candle isn’t quite complete here. The U.S. and Europe still have Friday trade ahead, but I wanted to provide an update ASAP.

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One Response to “Gold Support Holding”

  1. Brad says:
    January 18, 2008 at 7:25 am

    MACD crossed down today on the daily chart. Here’s hoping it dips further for accumulation…

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