Monday, September 12, 2011

Gold ~ Update ~ 12 September 2011

Gold made a new all-time high last week at 1920 $ after selling off about 200 $ late August. So, once again those who said that the gold bubble burst or that wave 5 of 5 of 5 of an extended fifth wave was completed have been proven wrong...

Important support areas are at 1670-1700 and then the orange trendline around 1500. As long as these levels hold the uptrend is intact. Resistance level is at 1920ish (double top). If we break it we might see 2000 $ very soon.

A reader pointed out that gold is in a triangle:

If you trade gold (I don't, I only buy it... : )) this looks like a very nice setup. Wait for a breakout though.