Tuesday, October 25, 2011

Gold P&F chart suggests uptrend is likely reasserting itself - where to watch

This point-&-figure (P&F) chart almost says it all. Add in the daily $GOLD chart (StochRSI is up; as long as it's above that line, momentum is there); and my old weekly showing gold still respected channel uptrend lines. Well, there's the monthly on which, by my personal view of Elliott Wave, there's another 5th wave up we're just starting, along with monthly indicators still supportive. Ah, gold can actually clear the P&F chart's indicated resistance and head toward $1920 (roaring twenties?!) ... Maybe even $2200.

Okay, it'll have to clear that resistance in the $1700's. But today looks like a breakout in my book. Doesn't mean we don't have some more trading before (or immediately after) resistance is cleared. I know some think gold still has to test lower support. But my personal view is, the uptrend has resumed.

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