Unique Situation
Tuesday 12th of July 2005 08:20:14 AM
The article serves to outline a series of my observations which may be useful in deciding on the direction of the next move of the market.
1) Gold is still in its Bull phase.
2) Price is just below its 200 day M.A.
3) Price is sitting relatively comfortably above the support of its smaller falling wedge formation.
4) Despite price rising from about US$422 to $428 and closing at its lows on a Friday, the price has steadily clawed back to US$427 as I pen this article. ( pm Asian time. )
5) On my charts which may not be accurate, it appears that the price at US$427 is breaking out from its very short term downward trend.
6) A Commex close tonight at this level or higher on spot basis may confirm a positive crossover on the daily Slow Stoc & Macd.
The scene appears set for a tradeable bounce or is this a turning point on the way to establishing a new intermediate high ? I find the set of above circumstances posted as 1-5 existing at about the same time frame most unusual. Is this pure coincidence or is it saying something more ? I am also curious to why its price is just about $7 from breaking out of the resistance of the larger wedge formation which it failed to do a while back.
Will this prove the old idiom that ” Curiosity Kills The Cat “. Time will tell …
Roland
Loading ...
RSS 2.0