Gold's Big Picture

January 14, 2009

click to enlarge

The chart above shows a 3 year weekly chart of Gold continuous contract. Since gold price peaked in March 08 all new consecutive highs are always lower. The same is valid for new lows. This shows a short term bearish pattern.

For a long-term perspective, gold has technically two indicators to watch out for. First is the 50 weeks moving average and second is the horizontal support / resistance line at $720-730. The strong support line (50 weeks moving average) was broken in July 08. Until now there were two unsuccessful retests for rebound. As the price stays in the territory above a strong support line ($720-730), but below 50 weeks MA, the long term view is neutral.

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