Friday, December 4, 2009

Check Gold Out

60m /GC Gold Futures - Just an interesting spot. Based on the daily indicators just getting started breaking down, Looks like it will eventually get thru this support. 1050 to 1009 is the retracement zone for gold.

Now back that out to a daily chart and you can get a feel for the spike from 1000 to 1227. Notice the overbought indicators in conjunction with the price climb. Yellow box is the retracement zone and the yellow line is the .38% rtracement. There is an interesting intersection on 12/28 at 1092 of the .38% fib and the green trendline.

Now look at gold in a weekly chart. S Sto bear cross and that topping of RSI at 90 are something. Also pick up how the lower blue trendline runs thru the current retracement zone box (yellow) around 1032. The increase in volume should be looked at thru all three time frames in the charts. That is some massive sell volume today. Note: I really don't take gaps into account cause there are so many.