Thursday, December 17, 2009
Update - Where will gold go?
Gold has been in a steady counter trend down. I say counter trend because it's above my daily pivot of 1054 but since peaking at 1225 it has been in steady decline without making many challenges to resistance. That can be the great thing about gold - at times it will seem to stay in a nice long trend. I currently see it as over-sold but if the US dollar continues to strengthen it could stay that way. Sometimes indicators can embed themselves at extreme ranges and stay that way for a prolong time and with gold it's no exception. Think of a pilot losing control of a plane, it sometimes takes awhile for them to get the instruments under control and level the plane out. The rate of fall with gold looks pretty substantial so there's a little fear in the market and investors are unsure about the market and are afraid to step in to challenge the higher levels. But there could be a pop at anytime in oversold conditions. In the 30m time-frame gold has had some light buying but on the most part there are lower lows and alot of resistance above thanks to that gradual and steady fall. I'll keep you posted on further developments. Important short-term resistance is 1112.60 and 1118.16 with support at 1094.63. It will take a pick up of buying to get through these resistances and right now buyers seem to be fading out.. time will tell.
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