December 29, 2011

GOLD Near Weekly trend line

  • Gold is approaching its weekly supporting trend line. But daily chart is trending down below 50 and 200 Day SMA. Which hints that the fall might continue for some more time before a bottom formation.
  • Week chart shows price above the Ichimoku cloud. Stochastic is about to go below the 20 line for the first time after 2008. Oversold stochastic and Ichimoku cloud may save bulls from a deeper correction.

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