Pullback in Gold Looks Set to Continue
17 December 2009
The Commodity Specialist view -
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WEEKLY CHART - CONTINUATION: The acceleration upwards in the second half of 2009 recently reached the Fibo projection we had shown in the Commodity Specialist Guide, at 1220, 1.618 swing off prior 1014.60/681.00 2008 downmove. Reaction here has been negative, prompting a pullback phase. On this chart note potentially strong support from the prior highs above 1000. |
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DAILY CHART - FEB-10: On this chart the uptrend failed just ahead of a growth projection we had calculated. When the first dual Fibo support just above 1150 was breached a pullback phase was confirmed The next dual Fibo support just above 1100 is so far being effective, but any s/term strength is seen as temporary ahead of a further slip. The 61.8% & 76.4% bounce levels at 1183 & 1200 should indicate the maximum extent of any s/term recovery. Next target is the lower support area in the 1070s, which includes 50% and 76.4% levels, and 14-Oct high. Ultimately support from around the 1012.90 Feb high should hold, but at present it is hard to gauge whether this will be seen. |
Philip Allwright
Mark Sturdy
Seven Days Ahead
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