Tuesday, October 13, 2009

GOLD new record high

I've been meaning to post about this for the last couple days or so.....

its clear now that the initial target of 1250 and 1650 are in target real soon

I've posted some of the updated charts on the golds dec contract with an analysis of the indicators. on the fundamental side its clear that central banks around the world are looking to get out of the dollar and are diversifying their foreign reserves as fast as they can, especially the 800 lbs gorilla in the room china. the appitite of Asian investors for the yellow shinny stuff is totally different than in the western world. here we have advertisements of "cash 4 gold" and "we buy your gold" it seems as if Asian investors are holding on to the metal as it is their insurance and has no where to go but UP from here.

here is the latest chart, on the daily bar chart the candle stick formation and trend appear very strong..... the MACD has crossed over and the Divergence is now positive, the RSI is approaching 70 but this strength should continue and not act as a contarian selling point, the TRIX has also crossed over..... the rally should last for at least a week or two more before a pullback

heres a look at the 60min bar chart taken a little bit later, the 60 min is showing a very nice trend

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