Thursday, June 19, 2008

Gold's W Formation

Gold may be currently showing a W formation. W formations are typically very bullish. Keep an eye on the right side for confirmation. Click on the GLD graph to expand. Stochastics (below) also show that gold should be moving higher but the fast stochastics are rapidly approaching overbought conditions.

Fundamentally however, I believe gold should be going lower, at least for the early summer. It all depends on the time frame.

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