Gold is Now Facing This Important Test

By: Marty Chenard | Wed, Jan 19, 2011
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An important test level for Gold ...

You know that I don't cover Gold, but many of our readers liked the last Gold update ... so, I will post another one today.

Bottom line: The chart below explains what is going on. If you look at our zero based RSI reading, it is now below a support level and slightly negative. That represents a negative bias.

If you look at the price chart, you can see that it is facing a critical test at it support line now. Gold needs to hold this support, or it will see a correction.

A correction with a higher-low wouldn't be a bad thing because it would be a buying opportunity for those interested.

Gold ETF

 


 

Marty Chenard

Author: Marty Chenard

Marty Chenard
StockTiming.com
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Marty Chenard is an Advanced Stock Market Technical Analyst that has developed his own proprietary analytical tools and stock market models. As a result, he was out of the market two weeks before the 1987 Crash in the most recent Bear Market he faxed his Members in March 2000 telling them all to SELL. He is an advanced technical analyst and not an investment advisor, nor a securities broker.

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