2009-11-03

Recent gold development...

Misc:
Looks like IMF gold sale did not affected the market as most people thought :) . Nor the buyer was China...
My calculations shows that gold was sold @ ~ 1070 USD area. This was over the market price ~ 1055 at that moment. Gold immediately rised, but currently is 1085.

Gold 4h:

here we had the triangle, there is no doubt that the triangle is broken now. Parallel blue lines act as support / resistance, and upper blue line indeed stopped rise, at least for a while.

Gold 1h:

here on 1h chart we can see the rising channel (blue). It was a bearish wedge for a moment, but it was broken from the "wrong" site. Deja vu :-) . It once again act as resistance.
I am expecting that gold will correct a little bit, at least to 1066 before future rise.

Disclosure:
Sold my speculative possition @ 1073

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