Gold Posts Weekly Reversal Top
International Trading
THE TECHNIQUE OF GIVING A GOOD MASSAGE
14 years ago
Saturday, September 11, 2010
, Posted by Usman Ali Minhas at 12:42 PM
December Gold posted a weekly closing price reversal top, indicating the possible start of a substantial decline. This type of pattern typically indicates the start of a 2 to 3 week break equal to at least 50% of the last rally. This makes $1212.00 the next likely downside target.
Money flowed this week out of T-Bonds and Gold, indicating the slight alleviation of concerns about an economic slowdown. With traders shedding the so-called “safer” T-Bonds, the proceeds may be sitting on the sidelines, ready to be invested into equities.
A rally in the equity markets is likely to keep the pressure on the gold market as both asset classes compete for the same investment Dollar. It looks like a return to the classic battle between hard assets and paper assets.
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