Thursday, January 26, 2012

Charts: Gold Surges. Happy Australia Day!

Following the FOMC statement last night Gold rallied around $50. This put the USD spot price above the downtrend line Gold has been trading under since the September 6th (2011) high of $1923. It also saw Gold rally strongly above the 50 Day Moving Average. The outlook looks bullish for Gold & Silver in 2012.

On New Years Eve I posted a set of charts suggesting that I thought Gold was in a buy zone, Silver had met support and that I expected the Gold to increase the pitch of it's ascent in 2012... so far, so good, here is an update of the charts (all are weekly):

AUD Gold Bounces out of the Buy Zone
 AUD Gold has only just started it's bounce out of the buy zone. In my opinion it still represents good value at current prices.

AUD Silver Meets Support
AUD Silver has bounced strongly off support, but for a sustained rally I think we need to see the price break through $37-38. The price may continue to consolidate in the symmetrical triangle pattern before breaking out later this year.

  USD Gold Ready to Increase Pitch Again
USD Gold has broken above the downtrend it's been trading in since September 2011 (see chart at start of thread). Gold looks set to increase in price strongly this year.

Have a great Australia Day!


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