Good day. This is my first official review on Gold. I’ve being doing a lot of research about commodities and Gold struck me right in the eyes. Therefore, I’m officially announcing that I will be sharing my ideas and thoughts on Technical Analysis for this yellow metal.
It starts NOW.
The price of Gold has been in BULLISH mood since last year.People are looking at more safety on their savings. They started to realize that paper money, or even the mighty USD can’t help them during the crisis.
This sentiment of “safe heaven” asset has boosted Gold’s value. On June 21, 2010 Gold reached its peak level at $1265.3. It has since retreat to a low of $1157.47 on Juy 28.
But the yellow metal managed to find its momentum to be able to hit a 2 month high $1254.73 an ounce on the London Bullion Market.
Our major Trendline showed a significant uptrend incoming months. There are currently 3 support lines that will hold the Gold off. Support 1 is at $1244.13, support 2 at $1226.8 and support 3 lays at $1217.3. Personally I can’t see it reaches even the 2nd Support level.
Having said so, the most crucial level lies at the $1300. I can be decisive when you look at the Stoch. It has reached its Overbought territory quiet some time now. A retracement might might happen. A bubble? I don’t think so.
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