Wednesday, March 07, 2007

Spot Gold Charts Update

Gold, Silver and precious metals shares continue to recover today. As I see the situation the metals must be a better long term buy after last week drop, however I'm not totally convinced that the bottom of the move is in so traders should be cautious with leveraged short term positions.

Uptrend channel still intact on the daily XAUUSD chart.

XAUUSD chart

Spot gold Intraday chart, 2 hours candles with Fibonacci retracement levels.

Spot gold Intraday chart

1 comment:

Anonymous said...

There is a March 5 article by Bob Hoye that caution of a minor low in gold price after March 9, and continued pressure on gold prices for a total of 6-8 weeks (Apr 9 - Apr 23)



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