Gold: Technical Analysis
June 29th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
The weekly interval gold chart is looking interesting. The stochastic has been extreme oversold and hasn’t uncoiled yet. The big picture uptrend is still intact. So, with that stochastic still quite compressed (it’s no longer extreme), there’s a good chance that gold could move substantially higher from here pretty quickly.
Spot gold, weekly interval
Forget the fireworks on the 4th of July. The European Central Bank action on the 3rd will be much more interesting.
By the looks of this chart, gold investors are betting on an ECB rate hike.
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Yeah, I gambled a bit with gold, won some, lost more. I’m pretty sure if I just went long and left it along I’d double my money in the next month, but I’ve got things of real value to focus on. Appreciate the anaylsis.