Gold is undergoing a correction on the weekly chart. Declining momentum and breach of the long-term rising trendline suggest that the 5-year bull-trend is ending, but recovery above $1700 per ounce would indicate one more attempt at $1800 resistance. Respect of $1700, however, would indicate a test of primary support at the May 2012 low at $1525.
The Dollar Index respected resistance at 81 and is likely to re-test primary support at 78.50. Twiggs Momentum oscillating below zero already indicates a primary down-trend — confirmed if primary support is broken. Recovery above 81.50 remains unlikely, but would indicate an advance to 84.
* Target calculation: 78.5 – ( 81.5 – 78.5 ) = 75.5
You say that the bull market trend on Gold appears to be ending
I read daily about gold activities. Germany among a group of others want their gold back, the USA say wait 7 years. There have been continuing stories about the lack of gold at Fort Knox, no audits done, gold leased out, etc etc.
If there is so much uncertainty regarding who has what in regard to gold stocks are your charts accurate or do they suffer from a lack of information, due to the unknowns
So can we believe the charts? Are there not heavier forces at work that could dramatically change the price of gold.
Bullshit – no way Gold is testing $1525 per OZ. The low was in @ $1624 and that’s as low as she goes folks!