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Gold Close to Trashing a Key Support

Tuesday, April 2, 2013 19:00

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With a scary bank crisis in Cyprus driving the headlines a couple of weeks ago, gold could barely muster a rally. Notice in the chart below that the high of the move failed to clear a minor peak at 1619.70. Had it done so, we would have given bulls a fighting chance, since it would have created a bullish “impulse leg” with the potential to power quotes as much as $120 higher in just a few weeks. Instead, buyers showed themselves to be gutless, allowing the April contract to relapse down to within inches of the lower trendline. It could hold, but we doubt it. (…)
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© Rick Ackerman and www.rickackerman.com, 2013. |
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2013-04-02 18:57:26

Source: http://www.rickackerman.com/2013/04/gold-close-to-trashing-a-key-support/

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