Thursday, December 22, 2011

Gold: Climbing Walls

Cash Gold

The charts below utilize two swings on the cash gold market:

Top Chart: Based on rally AB
  •  Broke support at AC - resistance at BC
  • Climbing non-linear support (blue circle) and Vesica Piscis
  • Approaching resolution vector DC
Bottom Chart: based on rally XY
  • Broke support @ XZ
  • Climbing non-linear support (red circle) and vector WZ


Breaking $1550 spells trouble.

4 comments:

scotty said...

Pete in the top chart selling at your A-C Line near 1650 looks ideal. In fact it looks like a small descending wedge. Bearish wedge

Scotty

Fibocycle said...

1630-1650 looks like a great place to tap Gold....as long as the standard technicals are in agreement.

scotty said...

PB

Early Warning Sell Signal
http://markethighsandlows.wordpress.com/2011/12/27/update-12-27-new-mkt-map/

scotty said...

Pete,
Full "Sell Signal" for indexes this morning 9:55 am ET