Investorstoday

Wednesday, April 11, 2012

Technical Analysis, April 11, 2012 – Gold in USD and Euros

Gold in USD





Gold in USD is printing an interesting chart.  We have the potential for a reverse head and shoulders pattern which would indicate a move to $2050 if the neckline is broken.

The daily chart (not pictured here) is a bit of a mess with respect to a clear price pattern but the weekly chart is clearer. 

The RSI is at a point where rallies have taken place but the MACD line is trending lower not towards the signal line.

Gold in Euros


This chart is more interesting to me. 

We can see the base that Gold has traced out in Euros in anticipation of a coming move higher.  The MACD line is trending towards the signal line and the RSI has bounced off a level consistent with rallies. 

I am bullish on gold but right now have a preference for gold in euros over gold in dollars especially if the problems in Europe continue to increase. 




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