Money Matters


Resources » Money Matters » Chart of interest - Gold
team Graham Parlane

Chart of interest - Gold

Posted by Graham Parlane on 23 August 2013

The decade long rally in Gold has been in a wide ‘flat bottom triangle’ consolidation for nigh on a year now. My main premise has been that the Gold market is sitting ‘long’ and that there would be very little oomph from any further Fed action. As such I have been looking for a potential shake out to the downside.

My view is in jeopardy as the precious metals have put in very good performances over the last few days. Recall Gold and Silver were amongst the biggest beneficiaries of the printing programs previously.

Given developments the Gold charts are particularly interesting.

Fig 1) – 10 year Gold chart

10 year Gold chart – click here to view

Fig 2) – A closer look. US$1,660.00 looks a key level.

Closer look Gold chart – click here to view

Cheers G

Tags: , , , , , , , , , , , ,

BBY (NZ) Limited. All rights reserved (NZBN 9429034016398). Part of the BBY Group (BBY Limited. Participant of the Australian Stock Exchange Group. ABN 80 006 707 777 AFSL 238 095).