With the U.S. dollar falling and oil rallying, investors are still unsure where the price of gold is headed from here, so today King World News shares a fascinating piece which features a key illustration about what is really happening with the price of gold.
September 10 (King World News) – METALS – Gold: Minor Rally Off New Low
Gold Spot price (GOLDS-1,133.55, see Figure 43) has rallied minimally following the break to a new low, thus far halted at the declining 200-day MA. Interestingly, one might have expected Gold to rally more forcefully in face of major U.S. index declines last week.
Resistance remains above at 1,200 and 1,250 but the trends remain down even at these levels and well under the 2005 uptrend. Weekly and monthly momentum models remain negative and flat. The downside target at 1,000, the support from 2008-2009, remains in place. This was a small portion of Yamada’s 50 page report. To subscribe to Louise Yamada Technical Research Advisors CLICK HERE.
***ALSO JUST RELEASED: An Astonishing Look At The War In Silver And Commodities CLICK HERE.
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