Wednesday, December 14, 2011

Gold Analysis from Shaza

Below is a quote and chart from stockcharts.com  I have changed my charting from Worden to SC. I find the new charts at Worden to hard to read on my Mac Air and lapstops in general. However, Worden has been an excellent product and I can not fault it otherwise...

GOLD IS BREAKING DOWN, but for how long? A look at an excellent chart from Arthur Hill.

"For potential support levels, note that a 61.80% retracement of the January-August surge would extend to the 1550 area. Also notice thatbroken resistance turns into support in this area. It is also possible that a falling channel is taking shape. A decline to the lower channel line would extend to the 1500 area by yearend. RSI, which is in the indicator window, will probably become oversold after today’s plunge. 14-day RSI has not been oversold since October 2008! "( stockcharts.com today)