Gold Reversal

Author: Chris* Comments(3)

Gold looks to be reversing, the confirmation is a move below $1075.00. A drop below that number could take it towards $1,020.00 and then $1,000.00.

How did I determine that? A new high, a failed high and now a challenge to the minor low (see chart for visual). It’s essentially a Dow Theory reversal setup.

012510_Gold_daily

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    • 3 Comments so far

    1. Hal (GT) on January 25th, 2010

      Thanks for the thoughts on gold, Chris. We shall see. It will be interesting if that happens I, am not sure that it will, but if it does, I think that will be a great buying opportunity.

      I’ll grab your RSS feed so I can continue to track your observations on the gold market.

    2. Rajesh on February 2nd, 2010

      It seems on the charts it has formed a double bottom around 1070 and as you have said any close above 1120, would take it back to 1160.
      With dollar started to retreating, may be 1160 could be tested.

    3. Michel Lahaye on February 17th, 2010

      Hi Chris, Michel from Belgium here!

      Gold is in my watchlist to. I want it to break that old-time-high-area before thinking of going short. Yesterday stopped out of my short positions and waiting for new low risk entries.

      Greetz!

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