Monday, May 30, 2011

Gold Going Higher? Daily Chart 5/30 6:45PM CST


(Chart 1 - Gold Daily Chart Zoom)
(Chart 2 - Gold Daily Chart)

If gold can get back down through the support zone that it just broke out of (1501-1464), then I think it will fall to 1350. If that fails it is headed to 1200.

However, I still think given the way it acted when in the 1501-1464 zone most recently, we are headed up. I think any test of the 1520-1480 area can be used to buy and accumulate a position for a scalp to 1560 and an ultimate target of 1615. You are wrong if it trades convincingly under 1464.


5 comments:

  1. It was a awe-inspiring post and it has a significant meaning and thanks for sharing the information.Would love to read your next post too......
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  2. No problem thank you for the comment.
    Keep checking back and tell your friends and colleagues to do the same!!! ;)

    ReplyDelete
  3. Note: See my recent silver posts.
    After ADP and the weak jobs numbers I have changed my tune and have actually been short gold and silver for a day or 2

    ReplyDelete
  4. The value of gold will never decrease. I found your post quiet helpful for my project report. Thanks for sharing such important details.

    ReplyDelete
  5. Gold bullion comes in many forms, including bars, coins and other shapes convenient for storage. Investing in gold bullion can be risky, especially if you are buying from online sources. Aside from experiencing market fluctuations, uninformed buyers risk overpaying when buying for gold bullion. Researching the market and specific coins offers you the best chance of making a profit.
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    ReplyDelete