Sunday, May 18, 2008

Gold price short term update

Dear readers,

Gold have managed to break and close above the diagonal trend line resistance. Gold is currently trying to rally higher , there is significant resistance zones all the way up to the top at 1038$ (GCM8) , so new highs are not likely any time soon. What is likely is a prolonged consolidation period similar to the price action that took place between mid 2006 and mid 2007.

The price of gold might have to base around till the 65 weekly moving average will be near.

Short term resistance and support zones as well as Fibonacci levels are outlined on the 8 hours gold futures candle chart below .

gold futures intraday chart

The longer term linear weekly bar chart annotated with the 65 moving average ( spot gold 65 MA)

gold weekly chart

The relevant post Nixon gold "Fix" monthly chart (1971 - 2008)

gold price monthly chart

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